Sasken hits lower circuit as whole time director & CEO resigns

Stock down 20% as Mr. Anjan Lahiri resigns

Shares of Sasken Communication Technologies is frozen at lower circuit of 20% at Rs 253 on National Stock Exchange after the company said Mr. Anjan Lahiri, whole time director & chief executive officer (CEO) has resigned from the services of the company and consequently from the board of directors effective September 23, 2014.

Lahiri, was the head of MindTree‘s information technology business before joining Sasken in August 2013.

Sasken is an R&D technology solutions company offering wireless software products, solutions and services for consumer electronics and network engineering services.

The stock opened at Rs 316 and touched a high of Rs 322 on NSE. At 1020 hours, a combined 540,000 shares changed hands and there are pending sell orders for 234,000 shares on NSE and BSE.