Crompton Greaves erased gains and slipped sharply by 9% to Rs122. The stock had surged after the board of directors approved Buy-back of fully paid Equity Shares of Rs2/- each, from the open market through the Stock Exchanges, at a price not exceeding Rs170/- per share, upto an amount of Rs2241.52mn being 25% of the total Paid-Up Capital plus Free Reserves as per the audited Balance Sheet of the Company for the year ended March 31, 2008.
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