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SoftBank shares jump 10% on $9 billion buyback
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SoftBank shares jump 10% on $9 billion buyback
Nov 8, 2021 10:06 PM

SoftBank Group Corp shares jumped 10% on Tuesday morning in Tokyo, a day after the Japanese conglomerate said it would spend up to 1 trillion yen ($8.8 billion) buying back almost 15% of its shares.

Share Market Live

NSE

The buyback announcement came after SoftBank crashed to a quarterly loss as the value of its holdings slumped amid weakness in tech shares and a regulatory crackdown in China.

SoftBank's shares quadrupled during a record 2.5 trillion yen buyback launched in the depths of the COVID-19 pandemic last year, but had slid 40% from a peak in May amid a lack of positive catalysts for the stock.

The repurchase period for the latest buyback - SoftBank's second-largest - runs to Nov. 8 next year.

($1 = 113.3500 yen)

First Published:Nov 9, 2021 7:06 AM IST

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