The shares of Balmer Lawrie & Company dropped more than 6% on Monday after the company announced that its board has decided against the bonus issue, stock split and share buyback that the Miniratna PSU company earlier proposed, dampening investor sentiment.
The manufacturer of greases and lubricants said that its board of directors during its meeting held on Sunday decided not to recommend the issue of bonus shares, stock split and share buyback with respect to “compliance of consolidated guidelines on general principles and mechanism for capital restructuring of CPSEs…issued by Ministry of Finance, Department of Investment and Public Asset Management”.
