Shoppers Stop share price cracks over 11% as firm's MD, CEO Venu Nair resigns

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Shoppers Stop share price cracked over 11 per cent in morning trade on BSE on Friday (August 25) a day after the company said the company's managing director (MD) and chief executive officer (CEO) Venu Nair resigned from his position. Shares of the company opened at ₹799.85 against the previous close of ₹811.45 and plunged 11.34 per cent to the level of ₹719.45 in trade soon. Around 11:45 am, the stock was trading at ₹724.65, down 10.70 per cent, on BSE.

In a regulatory filing on Thursday (August 24), said, "Venu Nair, Managing Director and Chief Executive Officer of the Company, has tendered his resignation, effective from the close of business hours of August 31, 2023, due to personal reasons." Additionally, the company said the board of directors of the company approved the appointment of Kavindra Mishra as an additional director of the company with effect from September 1, 2023. "He has also been promoted from his position as Chief Commercial Officer and CEO – Homestop to Executive Director & Chief Executive Officer of the company for a period of three years effective September 1, 2023, subject to the approval of shareholders of the company," said the company. Shares of Shoppers Stop hit their 52-week high of ₹889.75 on BSE on August 9, 2023.

They hit their 52-week low of ₹574.85 on April 18, 2023. As of August 24 close, the stock has gained 14.5 per cent in the current calendar year so far against a 7 per cent gain in the equity benchmark Sensex. In Q1 FY24, Shoppers Stop reported a profit after tax (PAT) of ₹13 crore.