Meanwhile, the BSE Sensex was down 220.09 points, or 1.26% to 17,265.93.

On BSE, 9,958 shares were traded in the counter as against average daily volume of 22,500 shares in the past one quarter.

The stock hit a high of Rs 129.50 and a low of Rs 115 so far during the day. The stock had hit a 52-week high of Rs 132.50 on Wednesday, 4 April 2012. The stock had hit a 52-week low of Rs 95.10 on 31 October 2011.

The stock had outperformed the market over the past one month till 4 April 2012, rising 14.39% compared with the Sensex's 0.86% fall. The scrip had also outperformed the market in past one quarter, surging 30.52% as against Sensex's 10.1% gain.

The company has equity capital of Rs 14.75 crore. Face value per share is Re 1.

The Bajaj Corp stock had rallied 11.62% in three trading sessions to settle at Rs 129.15 on Wednesday, 4 April 2012, from a recent low of Rs 115.70 on 30 March 2012.

Bajaj Corp after market hours on 3 April 2012 said its board has approved an institutional placement programme to achieve minimum public shareholding in the company of 25%. The current public shareholding in the firm stands at 15.25%, it said. The company is seeking shareholders' approval through a postal ballot process for the proposed institutional placements of shares, Bajaj Corp said.

It may be recalled that the stock market regulator recently allowed companies to auction shares to institutional investors through the stock exchanges mechanism to pare promoter holding to at least 75%.

Bajaj Corp also said that it is seeking shareholders approval for a resolution passed by the board for issuance of corporate guarantee amounting to Rs 250 crore in connection with loan to a body corporate. The company said the Rs 250-crore corporate guarantee has already been released on 30 March 2012 and that currently there are no corporate guarantees outstanding.

Bajaj Corp's net profit rose 48.9% to Rs 28.88 crore on 30.8% growth in net sales to Rs 112.30 crore in Q3 December 2011 over Q3 December 2010.

Bajaj Corp is an FMCG company with major brands in hair care category. The company's product portfolio includes Bajaj Kailash Parbat Thanda Tel, Bajaj Almond Drops Hair Oil, Bajaj Brahmi Amla Hair Oil, Bajaj Amla Shikakai Hair Oil and Bajaj Jasmine Hair Oil.