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Shares of KPR Mill Ltd fall as much as 6.2 per cent, their lowest since April 15. At 9.50 am, the stocks of KPR Mill were trading 2.80 per cent lower at ₹591.
The textile manufacturer said on Thursday, it was withdrawing its buyback proposal due to the tax proposal in the finance bill 2019 was neither contemplated nor prevailing at the time of the consideration and the approvals of the Board and Shareholders. The company had on April 30, 2019 proposed a buy back of 3.8 million equity shares representing 5.17 per cent of total paid up equity shares.
As of last close, KPR Mill shares were up 8.7 per cent, while peer Raymond Ltd was down 16.4 per cent this year.
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