India's KIOCL plunges by 20 pct daily limit after buyback approval
19/09/2018 09:33
** Iron ore pellet maker KIOCL Ltd KIOC.NS drops by daily
limit of 20 pct to 183.2 rupees
** Co on Tuesday approved share buyback worth up to 2.14 bln
rupees ($29.45 million) at 170 rupees/share, an over 25 pct
discount to Tuesday's close urn:newsml:reuters.com:*:nFWN1W40QB
** Stock had gained 30 pct as of Tuesday after the company,
owned 99 pct by the Indian govt, said last Wednesday it was
considering buyback
** More than 400,000 shares change hands, compared with the
30-day avg of more than 114,200 shares
** As of last close, stock had shed 38.9 pct this year
($1 = 72.6625 Indian rupees)
((Reuters Messaging:
chris.thomas.thomsonreuters.com@reuters.net))