If the market price per share is greater than its book value per share, a stock repurchase will decrease the book value per share.
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BVPS= Net worth- Amt paid for share repurchase/ No. of remaining outstanding shares
It is assumed that share repurchase amt is paid from retained earnings as is evident in the formula.
And if Market price per share is more than BVPS, then for every share repurchased more amount is getting deducted (paid) than is included in BVPS. Hence BVPS falls.