Mumbai: Shares of Navin Fluorine International plunged nearly 14% to ₹3,766 on Friday, following the unexpected resignation of its managing director, Radhesh Welling. The company said in an exchange disclosure that Welling is quitting for personal reasons and the board has accepted his resignation.
The company said executive chairperson Vishad Mafatlal will steer the operations till it finds a replacement for Welling. While maintaining its ‘overweight’ rating on the stock with a target price of ₹4,951, Morgan Stanley said it has “taken note of this high attrition in top management” and expects to hear more from the company on plans to tackle the same.
The board approved the appointment of Sudhir Deo as an additional director with effect from September 28, following the recommendation of the nomination and remuneration committee.
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