Mumbai: Shares of PC Jeweller Ltd surged over 120% in last three sessions ahead of its board meeting on 10 May to consider buyback of shares.

PC Jeweller shares closed at Rs240.70 a share on BSE, up 37.90% from previous close. The stock opened at Rs192 a share and touched a high of Rs244 in intraday trade, up 39.78%.

The stock has gained 120.52% since 2 May when the company disclosed in a clarification to exchanges that there was no CBI search in its office.

“We would like to clarify that the above mentioned news item published in “BTVI" dated 3 May, 2018 is factually incorrect and Shri Balram Garg, Managing Director of the company has already appeared on Zee Business for a live interview and clarified the position," the company said in a statement to the BSE.

From January till first week of May, the stock was in a free fall on the back of various issues such as links with Vakrangee Ltd, a gift of shares by promoter Padam Chand Gupta to one of his family members. The stock has fallen nearly 83% from its record high of Rs600.65 seen in January.

In January, banking and financial services provider Vakrangee Ltd purchased two million shares of PC Jeweller for a little over Rs112 crore through an open market transaction.

PC Jeweller stock witnessed selling pressure after a 27 January report in Mumbai Mirror said that the Securities and Exchange Board of India was investigating an alleged share price and volume manipulation at Vakrangee.

According to the company, Vakrangee currently does not hold any stake in PC Jeweller.

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