Crompton Greaves Shares Fall 7.75% After CEO Mathew Job Resigns

Shares of Crompton Greaves Consumer Electricals Ltd. hit a 52-week low after its chief executive officer resigned.

The company had announced that its Chief Executive Officer, Mathew Job, had resigned from the post on April 23 and that his last day would be April 30.

Following the resignation, Crompton Greaves also announced the appointment of Promeet Ghosh as new chief executive officer and managing director, effective May 1, in an exchange filing on Monday.

Shares of Crompton Greaves close lower by 2.56% at Rs 259.45 apiece, compared to the advance in the benchmark NSE Nifty 50 by 0.15% as of 09:55 a.m.

The stock fell as much as 14.24% intraday, hitting a 52-week low of Rs 251 apiece.

Out of the 45 analysts tracking the company, 40 maintain a 'buy' rating, three recommend a 'hold,' and two suggest a 'sell' on the stock, according to Bloomberg data. The average 12-month consensus price target implies an upside of 45.6%.

(An earlier version of this story was corrected because the stock price was incorrect.)