Shares of Indiabulls Securities closed in negative zone after touching intraday high of Rs 23 on Tuesday, after the company announced to buy back shares from the open market at a price of up to Rs 33. The Company' Board of Directors has approved the idea to buy-back of equity shares worth Rs 83.18 crore under the sub-section (2) of Section 77A of the Companies Act, 1956.

A company release maintains, "The proposed buy-back will be from the open market through stock exchanges at a price not exceeding Rs 33 per equity share with total aggregate consideration for the buy-back limited to Rs 83.18 crore, being 25 per cent of the total paid up capital and free reserves as per audited balance sheet of the company for the year ended March 31, 2008."

However, brokers said that it would not serve any purpose due to downfall in the equity market following breakout of global financial crisis.

Shares of Indiabulls closed the day with a decline of 4.5 per cent and closed at Rs 20.80 at National Stock Exchange.