Shares of Navin Fluorine International plunged by over 13 percent in Friday's (September 29) trade after the company announced the resignation of its managing director Radhesh R Welling due to personal reasons.

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Meanwhile, the company's executive chairman Vishad Mafatlal will take over the charge of managing director till the firm appoints a new MD, Navin Fluorine said in a filing to the stock exchanges.

The resignation of Welling will be effective from December 15, 2023. He will continue to serve the company to facilitate a smooth transition, Navin Fluorine informed the bourses.

“The company's board has placed on record its sincere appreciation for the contribution made by. Welling during his tenure with the Company and wishes him the very best in his future endeavours," Navin Fluorine said.

Last month, Ravi Venkataramanan, CEO of CDMO Business of Navin Fluorine had also resigned.

In a bid to strengthen the board, the board of directors in its meeting on Thursday approved the appointment of Sudhir R Deo as an additional director of the company from September 28 following the recommendation of the nomination and remuneration committee.

Also, the company said that its analyst meet will be held on October 4.

Meanwhile, brokerage house Morgan Stanley is overweight on Navin Fluorine with a target price of Rs 4,951 a share.

At 9.37 am, Shares of Navin Fluorine were trading 13 percent lower at Rs 3,789.55 apiece on the BSE.

In case shares of Navin Fluorine close at these levels, it will be the worst single-day performance for the stock since 2009.

First Published:Sept 29, 2023 10:13 AM IST