Sasken slides 4% despite buyback approval

Sasken Communication Technologies declined four per cent on the bourses today even as shareholders approved buyback of up to 28.24 lakh equity shares.
On BSE, the share ended the day at Rs 395.70, down 4.41 per cent from the previous close. It had opened at Rs 410 and dived 5.24 per cent to touch an intra-day low of Rs 392.25.
The scrip settled at Rs 398 on NSE, down 3.89 per cent from its previous close. After opening at Rs 404, it plunged 5.09 per cent to hit an intra-day low of Rs 393.
A total of 27,111 shares of the company changed hands on the bourses today.

"The consent of equity shareholders of the company be and is hereby accorded for the buyback of full paid up equity shares of the company having face value of Rs 10 each up to 28,24,544 equity shares (representing 15.94 per cent of the total paid up equity share capital of the company) at a price not exceeding Rs 425 per equity share payable in cash for a total consideration not exceeding Rs 120.04 crore," the firm had said in a BSE filing on Friday.