Bajaj Auto slips after setting record date for ₹5,632.8cr buyback
Bajaj Auto's stock slipped about 3% on Wednesday, right as the company set the record date for its massive ₹5,632.8 crore buyback.
It's offering to buy back nearly 47 lakh shares at ₹12,000 each, well above market price.
If you held shares on June 23, you can join in from July 1-7.
This is its biggest buyback ever and was first announced in May.
Ransomware hits Bajaj Auto and subsidiary
On top of the stock news, Bajaj Auto revealed a ransomware attack hit both its systems and those of its subsidiary.
It's jumped into action with cybersecurity measures but hasn't shared much about any disruption yet.
Meanwhile, just days earlier, it approved issuing 50,000 secured debentures worth over ₹500 crore.
Bajaj Auto shares up 112% 3-year
Even with this week's dip and all the headlines, Bajaj Auto's shares have climbed 17% over the past year, and an impressive 112% in three years.
The buyback and cyberattack could shake things up for investors moving forward.