According to the information available with the bourses, the company has so far purchased shares worth Rs 1,481.66 crore which translates into about 14 per cent of the total amount kept for purchase of shares.
The company has purchased 1.92 crore shares at an average price of Rs 771 a piece between February 14 and May 24. However, it gained momentum in May only as the company has picked up about 1.20 crore shares this month compared to 29.89 lakh shares in April.
Market experts have said that the buyback was aimed at shoring up stock valuations. But, with the persistent falling output from D6 fields, it seems to have provided little respite to the stock price, which has fallen over seven per cent in May alone, more than Sensex of BSE, which fell around 6 per cent.
Dion Global Solutions