fell sharply on Monday morning, dropping as much as 8.2 per cent to an intraday low of ₹1,126.60 on the before recovering partially to trade around ₹1,141.50, down nearly 7 per cent, as of 10.15 am. Trading volumes were elevated, with over 12.59 lakh shares changing hands, valued at approximately ₹145 crore.
The sell-off follows the passing of the company’s buyback record date of September 4, 2026. Investors who purchased shares ahead of that date to participate in the buyback are now exiting positions, a pattern typical of post-record-date trading in buyback stocks.
JM Financial, in a note, maintained its ADD rating on the stock and raised its 12-month price target to ₹1,270 from ₹1,130, citing the buyback as a balance-sheet confidence signal. The brokerage upgraded its target EV/EBITDA multiple to 9x from 8x, pointing to a healthy content pipeline and the company’s improved net cash position of ₹807 million at end-June 2026, compared to net debt of ₹1,619 million at end-March 2026.
PVR Inox’s board had approved the buyback on August 31, 2026, under which the company proposed to repurchase up to 20,68,965 equity shares at ₹1,450 per share, a roughly 20 per cent premium to the August 31 closing price, for a total consideration not exceeding ₹300 crore. The buyback, conducted through the tender offer route via the stock exchange mechanism, represents 2.11 per cent of the company’s total paid-up equity capital.
Promoters, who held a 27.53 per cent stake as of August 28, had indicated their intention to participate. DAM Capital Advisors was appointed merchant banker, with Kfin Technologies serving as registrar.
At current levels, the stock trades at a significant discount to the buyback price, reflecting the post-record-date unwinding. The buyback acceptance ratio and final timelines are yet to be announced by the company.