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Kwality stock falls 5% after board defers decision on share buyback, interim dividend

The stock has been falling for the last three days and is down 10.02% during the period. The stock is down 86% during the last one year and has fallen 81.73% since the beginning of this year.

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Kwality stock falls 5% after board defers decision on share buyback, interim dividend

The Kwality stock fell in trade on Wednesday after the firm deferred a decision on buyback of securities, bonus issue of securities and payment of interim dividend in a board meeting. The stock of dairy products manufacturer was trading 4.84% lower at 20.65 level, a five-year low on BSE.

The stock has been falling for the last three days and is down 10.02% during the period.

The stock is down 86% during the last one year and has fallen 81.73% since the beginning of this year.

The firm in a release said, "Intense deliberations on the issues were initiated with stakeholders both internal and external including investors and lenders. The matter was intensely debated in context of current situation and future vision, the Board finally concluded to defer the decision on the issues, for the time being."

Earlier, the company had rescheduled its board meeting to be held on June 20, 2018 to July 3, 2018 citing non-availability of majority directors.

Kwality is engaged in processing, manufacturing and tradingl of milk, milk products and dairy products. The firm offers products under categories, such as ghee, including pure ghee, pure cow ghee and low cholesterol ghee; butter; milk powder, including whole milk powder and skimmed milk powder; dairy whitener; milk, including full cream milk, toned milk and double toned milk, and curd, including set curd and pouched curd. The company is an exporter of dairy products from India, exporting across continents, such as Asia, Africa and Australia, and to over 30 countries, including Japan, Seychelles, Bangladesh, Sri Lanka, Jordan, Niger and Morocco.

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