Route Mobile slips 7% after board approves share buyback via Open Market

Route Mobile board has approved the buyback of equity shares having face value of Rs 10 at a price not exceeding Rs 1,700 per equity share and for an aggregate amount not exceeding Rs 120 crore

Shares of Route Mobile dipped 7 per cent to Rs 1,236.65 on the BSE in Wednesday's trade, falling 10 per cent in two trading days, after the board approved share buyback via Open Market.

Earlier, the stock had bounced back 24 per cent in three days (till Monday), from its 52-week low level, after the company announced that its board would consider share buyback on June 28. It had hit a 52-week low of Rs 1,052.60 on June 23, 2022.

"The company's board approved the buyback of equity shares having face value of Rs 10 at a price