New Delhi, Aug 12 — Godrej Consumer Products Limited (GCPL) shares plunged 10 per cent to hit a 52-week low and the lower circuit on Wednesday in the morning session trade after the company announced the immediate resignation of Sudhir Sitapati as Managing Director and Chief Executive Officer (MD & CEO).
The FMCG company's stock fell as much as 10 per cent to Rs 916.20, touching a 52-week low and lower circuit. From the 52-week high of Rs 1,308.40, the stock has tumbled about 30 per cent.
At around 10:30 am, GCPL shares were trading at 929.55, down more than 8.69 per cent on the BSE.
However, around 2.9 million GCPL equity shares changed hands across the NSE and BSE during the first three minutes of trading, indicating heightened investor activity following the leadership change.
On Tuesday after market hours, the company announced that Sitapati was stepping down from his position with immediate effect.
Additionally, the board has appointed Aasif Malbari -- currently Global Chief Financial Officer and President of Godrej Africa -- as the new Managing Director and Chief Executive Officer, also with immediate effect.
Malbari will succeed Sitapati, who had been leading GCPL as its MD & CEO.
According to the company, Malbari has around three decades of experience across the fast-moving consumer goods (FMCG) and automobile sectors, having worked with GCPL, Tata Motors and Hindustan Unilever.
As Global CFO at GCPL, Malbari has been responsible for business strategy and has worked closely with leadership teams across geographies to drive growth and strengthen performance, the company said.
Moreover, GCPL stock has witnessed selling pressure across different horizons, declining about 22 per cent in the last one year, 9 per cent in the past three years and 6 per cent over the past five-year period.
In shorter periods, the FMCG stock slipped 15 per cent in one month, nearly 23 per cent in the last three months.