Mastek tanked over 9% to Rs 183 after surging over 30% in past five trading sessions on the National Stock Exchange (NSE).
The stock opened at Rs 204 and touched a high of Rs 205 in early morning deals. A combined 785,369 shares have changed hands on the counter so far on the BSE and NSE.
Shares of mid-sized IT firm has surged 31% from Rs 157 on January 2 after the company announced that its board will meet to discuss the share buyback proposal.
Mastek said it will buy back shares worth up to Rs 55 crore at a price not exceeding Rs 250 per share. The buyback should be through open market transactions.
In a meeting held on Wednesday, the company's board approved the buyback of shares for a sum not exceeding "14.92% of the total paid-up equity capital and free reserves of the company as on March 31, 2013."
In a filing to the Bombay Stock Exchange (BSE), the company said it will buy back the shares "at a price not exceeding Rs 250 per share payable in cash for an aggregate amount not exceeding Rs 54.50 crore."
The stock opened at Rs 204 and touched a high of Rs 205 in early morning deals. A combined 785,369 shares have changed hands on the counter so far on the BSE and NSE.
Shares of mid-sized IT firm has surged 31% from Rs 157 on January 2 after the company announced that its board will meet to discuss the share buyback proposal.
Mastek said it will buy back shares worth up to Rs 55 crore at a price not exceeding Rs 250 per share. The buyback should be through open market transactions.
In a meeting held on Wednesday, the company's board approved the buyback of shares for a sum not exceeding "14.92% of the total paid-up equity capital and free reserves of the company as on March 31, 2013."
In a filing to the Bombay Stock Exchange (BSE), the company said it will buy back the shares "at a price not exceeding Rs 250 per share payable in cash for an aggregate amount not exceeding Rs 54.50 crore."
