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Majesco stock falls 5% after board clears buyback of shares

The buyback is subject to the approval of the members by means of a special resolution, the filing added later

twitter-logoBusinessToday.In | October 8, 2020 | Updated 16:56 IST
Majesco stock falls 5% after board clears buyback of shares
Following the update, Majesco stock price touched an intraday high of Rs 804.80, falling over 5% over its last close of Rs 847.18 on BSE

Majesco share price declined 5% in Thursday's early session after the company board approved buyback of shares. As per the company release, the buyback price set at Rs 845 per equity share for an aggregate amount not exceeding Rs 631,26,06,300.

"The board of directors of Majesco at its meeting held on October 8, 2020, has approved the proposal to buyback upto 74,70,540 fully paid equity shares of Rs 5 each of the company," the firm said in a press release today.

Following the update, Majesco stock price touched an intraday high of Rs 804.80, falling over 5% over its last close of Rs 847.18 on BSE. The stock earlier opened at Rs 873, also its intraday high today.

The stock price of the smallcap IT firm has been highly volatile today and gained after 2 days of consecutive fall. Majesco share price is trading higher than 5, 20, 50, 100 and 200-day moving averages. The stock is currently trading 4.47% away from 52 week high of Rs 884.85 on BSE.

Majesco share price touched its 52-week high Rs 884.85 and 52-week low of Rs 170.55 on October 7 2020 and 24 March 2020, respectively.

Majesco shares have risen 3.4% in one week, 11% in one month and 122% since the beginning of the year. Market capitalisation of the firm stood at Rs 2,527.88 crore as of today's session.

The buyback is subject to the approval of the members by means of a special resolution, the filing added later.

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