PC Jeweller has shocked investors by reversing a share buyback offer of Rs. 424 crore, saying that the company had failed to get a no-objection certificate from bankers for the buyback. Announcing a share buyback without a no-objection certificate is extremely unusual, and will only increase concerns on the quality of management and corporate governance in the company. PC Jeweller has been seeing a six month decline in share price - from Rs. 500+ per share, the company's shares are now trading below Rs. 100, and hit a new year low today. 

The company is in multiple bearish screeners, including the Volume Shockers: Top Losers, Highest Fall from 52 Week High and Biggest Price Losers from Open.