Shares of Balmer Lawrie & Co Ltd on Wednesday slumped nearly 7%, their biggest decline in nearly a year, after the board of the company deferred a bonus issue.
So far today, the stock has touched a low of ₹168, falling as much as 6.7%, its biggest fall since 24 September, 2018. At 10.11am, the stock traded at ₹169.75 on BSE, down 6% from its previous close.
Balmer Lawrie in a notice to exchanges said that its board in a meeting on 17 September "considered the item pertaining to recommendation of bonus shares and deferred the same."
Anticipating a bonus issue, the stock had been trending higher since 10 September, having risen 8% till Tuesday. So far this year, shares of the company have declined 16.7%.