Crompton Greaves CE shares tank over 13% to hit 52-week low. Here's why

Shares of Crompton Greaves Consumer Electricals tanked 13% to a 52-week low of Rs 255.5 in Tuesday's trade on BSE after the company announced the resignation of Mathew Job as Chief Executive Officer (CEO) & Director of the company to pursue other career interests.

"Mathew Job has tendered his resignation from the position of Executive Director on the Board with effect from close of business hours of April 24, 2023, and has also resigned as the company’s CEO with his last day in office as CEO being the close of business hours on April 30, 2023, to pursue other career interests," the company said in an exchange filing.

Meanwhile, Promeet Ghosh has been appointed MD & CEO of Crompton Greaves Consumer Electricals.


Ghosh's appointment, which is for a period of five years, will come into effect from May 1, 2023, till April 30, 2028.

Ghosh has been on the company’s Board since 2016, the exchange filing stated.

Crompton also announced that Shantanu Khosla who was the Managing Director (MD) of the company has now been appointed and elevated as the Executive Vice Chairman of the company's board for a year from May 1, 2023.


At 10.30 am, the stock was trading 12.4% lower at Rs 257.8 on BSE. On a year-to-date basis, the stock has declined 25%, while it has fallen over 30% in the last one year.

As per Trendlyne data, the average target price of the stock is Rs 383, which shows an upside of 49% from the current market prices.

The consensus recommendation from 38 analysts for the stock is a Buy. Out of these analysts, 32 have strong buy and buy ratings, while only three have strong sell and sell ratings. The remaining three have hold ratings.

(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)