Bhaskar Bhat will cease to be the chairperson and director of Rallis India Ltd. from Friday in accordance with the company's retirement age policy.
The shareholders of Tata Group's agrochemical firm had re-appointed Bhat in June as the director of the company up to Aug. 29, according to an exchange filing on Thursday.
Bhat had taken over after R Gopalakrishnan following the latter's retirement as non-executive, non-independent director and chairperson of the company in December 2015.
Bhat was with Titan Co. since its founding after a five-year stint at industrial conglomerate of Godrej & Boyce Mfg. Co. He served as the company's managing director for 17 years until his retirement on Sept. 30, 2019.
He played a key role in developing numerous brands and was instrumental in pioneering the concepts of franchising and retailing in sectors, such as watches, jewellery, eyewear and precision engineering. He has an engineering degree from IIT Chennai and a postgraduate diploma in management from IIM Ahmedabad.
Rallis India's stock fell as much as 2.11% during the day to Rs 345.05 apiece on the NSE. The stock closed 0.78% higher at Rs 355.25 per share, compared to a 0.40% advance in the benchmark Nifty. The share price has risen 52.14% in the last 12 months and 40.55% on a year-to-date basis.
The company's net profit declined 24% to Rs 48 crore in the June quarter, while the revenue remained flat.
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