Navin Fluorine share Price plunges 15 per cent to 52-week low after MD resigns

livemint.com:

₹4,030 against the previous close of ₹4,361.75 and plunged 14.51 per cent to the one-year low level of ₹3,729. In a BSE filing post-market hour on Thursday (September 28), the company said Radhesh R. Welling had tendered his resignation as the managing director and a director on the board of the company for personal reasons.

(Exciting news! Mint is now on WhatsApp Channels. Subscribe today by clicking the link and stay updated with the latest financial insights! Click here!) Meanwhile, the company said its board approved the appointment of Sudhir R. Deo as an additional director of the company with effect from September 28, 2023, pursuant to the recommendation of the nomination and remuneration committee.

Navin Fluorine share price has performed poorly in the last one year. In the last one year, the stock has fallen 16 per cent while the equity benchmark Sensex has risen 16 per cent in the same period. The stock’s current price-to-earnings ratio (PE), as per BSE, is near 73 which is significantly higher than the stock’s trailing 12-month PE ratio of 51.4.

The current price-to-book ratio (PB) of the stock is 10.10 which is significantly higher than the median PB of 2.69. For the June quarter of the last financial year, the company reported a 17.4 per cent year-on-year (fall) in its consolidated net profit at ₹61.53 crore against ₹74.45 crore in the same quarter last year. The company’s revenue from operations for the quarter stood at ₹491.15 crore, up 23.6 per cent against the revenue of ₹397.52 crore in the same quarter last year.

Meanwhile, the equity benchmarks traded with gains on Friday. Nifty 50 rose about half a per cent in morning trade. All sectoral indices, barring Nifty IT, traded with gains.