Route Mobile down 7%

Route Mobile opened 5% lower at Rs.11260, going down 7% to an intraday low at Rs.1236.65.

The stock price fell after the Board approved share buyback from the shareholders, payable in cash via the ‘Open Market’ route through the stock exchanges mechanism.

At its Board meeting yesterday, the company approved the buyback at a price up to Rs 1,700 per share and for an aggregate amount up to Rs 120 crore.

The buyback of shares excludes promoters, promoter groups, and persons who are in control of the company.