NIIT slumps over 10% after CEO Rahul Patwardhan steps down
The Board of Directors has approved the appointment of Sapnesh Lalla as Chief Executive Officer Designate of the company,” the company had said
By ETMarkets.com | Updated:
NEW DELHI: Shares of skills and talent development company NIIT plunged over 10 per cent on Monday after the company announced that its CEO Rahul Keshav Patwardhan resigned due to personal reasons.
Reacting to the news, shares of the company fell 10.92 per cent to 73.80 per cent in trade.
After recovering a bit, its shares were trading at Rs 76.85 down by 7.24 per cent at around 12 pm.
“Rahul Keshav Patwardhan has tendered his resignation due to compelling family reasons and has requested to be relieved from the close of business hours of July 31, 2017,” NIIT has informed bourses on Friday after market closing.
“Further, the Board of Directors has approved the appointment of Sapnesh Lalla as Chief Executive Officer Designate of the company,” the company had said.
More than 4.6 million shares of the company traded on the bourses on Monday, over five times their 30-day moving average.
Reacting to the news, shares of the company fell 10.92 per cent to 73.80 per cent in trade.
After recovering a bit, its shares were trading at Rs 76.85 down by 7.24 per cent at around 12 pm.
“Rahul Keshav Patwardhan has tendered his resignation due to compelling family reasons and has requested to be relieved from the close of business hours of July 31, 2017,” NIIT has informed bourses on Friday after market closing.
“Further, the Board of Directors has approved the appointment of Sapnesh Lalla as Chief Executive Officer Designate of the company,” the company had said.
More than 4.6 million shares of the company traded on the bourses on Monday, over five times their 30-day moving average.
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