The scrip had risen 38 percent on Monday as the firm considered a proposal for buy back of fully paid-up equity shares on May 10, 2018.
Volatile trade was observed on the shares of PC Jeweller, which rose a little over 9 percent in the morning trade, only to take a turn for the worse. The stock then managed to fall 27 percent intraday and then managed to cut its losses to trade 12 percent lower. The stock is out of F&O ban on Tuesday.
The scrip had risen 38 percent on Monday as the firm considered a proposal for buy back of fully paid-up equity shares on May 10, 2018.
Earlier, the company had decided to consider its financials, recommendation of dividend and proposal of buyback of shares in its meeting scheduled to be held on May 25, 2018.
The firm recently denied reports that the Central Bureau of Investigation (CBI) was conducting searches at its stores in Nagpur.
Speaking to Moneycontrol, PC Jeweller's CEO Balram Garg denied talk of CBI searches at its Nagpur stores.
There were media reports about Garg having been arrested by the CBI on Wednesday.
“We have not been questioned by the CBI nor have been approached by SEBI (in connection with the fall in share price),” Garg said.
The stock has fallen around 30 percent in the past one month. At 10:25 hrs PC Jeweller was quoting at Rs 207.90, down Rs 32.80, or 13.63 percent, on the BSE. It touched an intraday high of Rs 264.50 and an intraday low of Rs 173.55.