India's Sasken Technologies tumbles as profit more than halves

Sasken Technologies

21/07/2022 07:33

** Shares of software services firm Sasken Technologies
 SKCT.NS  fall as much as 8.9% to 767.7 rupees in biggest
intraday pct drop since Jan. 21
    ** Co on Wednesday reported a 55% slump in first-quarter
consol profit to 152.3 mln rupees ($1.91 mln), on a 7.7% drop in
revenue
    ** Quarter was soft on all fronts, rev hit by headwinds in
one of its businesses 
    ** Q1 attrition on last twelve months basis spiked to 35.5%
from 26.8% a year ago
    ** Separately, co also appointed Abhijit Kabra as CEO
    ** More than 92,000 shares change hands by 0614 GMT vs
30-day avg of 8,743 shares
    ** SKCT hits lowest since July 6
    ** Stock down 36% YTD up to last close, vs 27.3% drop in the
Nifty 50 index  .NIFTYIT 

($1 = 79.9350 Indian rupees)

 (Reporting by Yagnoseni Das in Bengaluru)
 ((yagnoseni.das@thomsonreuters.com))