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The board also approved a buyback of shares of the company’s fully paid-up equity shares for an aggregate amount not exceeding Rs 162 crore. The buyback price will not exceed Rs 550 per share, reports said.

JM Financial said the management has changed its go to market strategy to focus on the prices over volumes and is, thus, targeting increasing the proportion of trade sales to 66 per cent from 60 per cent in the December quarter.

The stock quoted a 52-week high price of Rs 606.0 and a 52-week low of Rs 379.05.

A pause in this persistent selling would also be a shot in the arm for stocks with high foreign ownership, especially financial and technology companies, due to the close relationship between performances to fund flows.

Promoters held 48.76 per cent stake in the company as of 31-Dec-2021, while FII and DII ownership stood at 21.37 per cent and 9.56 per cent, respectively.

“ I do not think the selloff in Nasdaq is affecting the Indian IT stocks. There may be some minor links, but this is related to the fact that this sector had seen a lot of momentum which had pushed it up to unsustainable price to earnings levels and now is seeing a correction.”

“In a low interest rates environment, that differentiation did not matter as much. People were willing to buy anything but in a rising interest rates environment, there is much less willingness to pay for future hope for growth.”

The public issue consists of a fresh issue of equity shares aggregating to Rs 455 crore, and an offer for sale (OFS) of up to Rs 300 crore by existing shareholders, according to the draft red herring prospectus (DRHP).

The Relative Strength Index of the stock stood at 37.55 on Friday.

The Nifty Auto index was trading 0.61 per cent down at 11611.55.