An extraction tool for extracting a module that is detachably connected to a mounting substrate includes a fixed plate that is vertically supported over the module to be extracted. A movable plate is arranged below the fixed plate and a screw is inserted in central openings in each of the fixed and movable plates. A pair of vertically extending side panels are connected at one edge by a hinge to opposite sides of the movable plate. The opposite edge of the respective side panels are used to grip the module to be extracted. A spring biases the side panels inwardly. A rotatable handle is arranged above the fixed plate and is connected to the screw. Lateral rotation of the handle causes a corresponding axial rotation of the screw for moving the movable plate in a vertical direction. The precise vertical movement of the plate also causes vertical movement of the side panels gripping the module which ensures that the module is extracted without any side-to-side or twisting motion, thereby avoiding damage to the connectors.