Sasken Communication Technologies fell 20% to Rs 253 at 10:11 IST on BSE after the company said its whole-time director and CEO, Anjan Lahiri, has resigned from 23 September 2014.
The announcement was made during trading hours today, 24 September 2014.
Meanwhile, the BSE Sensex was down 11.13 points, or 0.04%, to 26,764.56.
On BSE, so far 1.06 lakh shares were traded in the counter, compared with an average volume of 78,968 shares in the past one quarter.
The stock hit a high of Rs 322 and a low of Rs 253 so far during the day. The stock hit a 52-week high of Rs 353 on 10 September 2014. The stock hit a 52-week low of Rs 115.60 on 30 September 2013.
The stock had outperformed the market over the past one month till 23 September 2014, rising 6.75% compared with 1.35% rise in the Sensex. The scrip had also outperformed the market in past one quarter, rising 48.91% as against Sensex's 6.97% rise.
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The small-cap company has an equity capital of Rs 21.31 crore. Face value per share is Rs 10.
Sasken Communication Technologies said that Anjan Lahiri, whole-time director and CEO has resigned from the services of the company and consequently from the board of directors effective 23 September 2014.
Sasken Communication Technologies' consolidated net profit fell 52.3% to Rs 8.36 crore on 6.3% decline in revenue to Rs 108.19 crore in Q1 June 2014 over Q1 June 2013. Consolidated EBITDA declined 36% to Rs 11.81 crore in Q1 June 2014 over Q1 June 2013. EBITDA margin stood at 10.9% during the quarter.
Sasken is a leader in providing engineering R&D and productized IT services to global tier 1 customers in the communications & devices, retail, insurance and independent software space.
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