Eicher Motors Shares Fall Most In Six Months After CFO Kaleeswaran Arunachalam Resigns
The resignation of Eicher Motors CFO Kaleeswaran Arunachalam comes a year after CEO Vinod Dasari put in his papers.
Shares of Eicher Motors Ltd. logged the worst day in nearly six months after its chief financial officer resigned.
Kaleeswaran Arunachalam, chief financial officer and key managerial personnel, has tendered his resignation, effective close of working hours of Sept. 2, the maker of Royal Enfield motorcycles said in an exchange filing after market hours on Aug. 25, without citing any reason.
This comes a year after Vinod Dasari resigned as the chief executive officer at the company.
Arunachalam will be appointed as CFO at Crompton Greaves Consumer Electricals Ltd., effective Sept. 5, that company said in its filing on Thursday.
He has experience in corporate finance, financial planning and analysis, audit and risk management in a career spanning close to nearly two decades. His previous experience includes roles in Future Lifestyle Fashions, Mondelez International in India and Asia, AB Fashions and TVS Motor Co.
The Eicher stock fell more than 4% intraday, before closing with 3.6% losses—the worst since March 3, 2022.
The trading volume was nearly twice the 30-day average, when market closed. The stock was the top laggard on the Nifty 50, which closed with 0.2% gains.
Of the 48 analysts tracking Eicher Motors, 34 maintain a 'buy', nine suggest a 'hold' and five recommend a 'sell', according to Bloomberg data. The 12-month consensus price target implies an upside of 2%.
Shares of CG Consumer Electricals advanced in trade.
