Bayer Crop wilts down

Bayer Cropscience is down over 8% at Rs.1605, with an intra day low at Rs.1570. Volumes are up over 4 times at over 29,000 shares today morning.

The stock is in the red after the company, at its Board meeting held on July 22,  approved a proposal to buy back about 2.88 million equity shares for around Rs 455 crore. The company has stated that it will buy back its own equity share from all the shareholders, including promoter of the company on a proportionate basis through the "Tender Offer" route at price not more than Rs 1,580/share. This price was already at a10% discount to Monday’s closing of Rs.1753 and today, it has slipped down further. The market was expecting a price much higher than the market price and this discounted price came as a big disappointment and hence the sell off.