Torrent Power Names Saurabh Mashruwala As CFO After Lalit Malik Resigns

Torrent Power Ltd. has named Saurabh Mashruwala as its new chief financial officer after Lalit Malik resigned from the position.

Malik's resignation will be effective at the end of working hours on April 13, the company said in an exchange filing on Thursday. Malik has resigned due to health reasons and will be moving back to Delhi, where his family is based, it said.

Mashruwala will succeed him as CFO and whole-time key managerial personnel of the company from April 14, 2023.

Shares of the company closed 0.70% higher at Rs 539.15 apiece on Thursday, as compared with a 0.09% gain in the benchmark Nifty 50.

Of the 11 analysts tracking the stock, five maintained a 'buy', four recommended 'hold' and two suggested 'sell', according to Bloomberg data.

The average of the analysts' 12-month consensus price target implies a potential downside of 4.8%.