PC Jeweller shares jump 8.5 pc as Co settles case with Sebi

Shares of PC Jeweller Ltd on Wednesday jumped 8.5 percent at the close of trade after the company settled a case with markets regulator Sebi regarding alleged non-disclosure of certain information about a buyback offer that was withdrawn later. The company's scrip rallied 8.04 percent to close at Rs 34.95 on the BSE. During the day, it climbed 12.21 per cent to Rs 36.30.

On the NSE, it advanced 8.50 percent to close at Rs 35.10. On the traded volume front, 27.64 lakh shares of the company were traded on the BSE and over 3 crore shares on the NSE.

The company paid Rs 19,12,500 towards a full and final settlement of the alleged default, according to an order on Tuesday. The matter pertains to the company's buyback offer that was approved by its board on May 10, 2018.

However, the State Bank of India (SBI) objected to the offer through two separate letters issued in July. Subsequently, the company's board of directors decided to withdraw the offer and the same was informed to stock exchanges on July 13.