Shares of Navin Fluorine International Ltd. tumbled over 14% to a 52-week low on Friday after Radhesh Welling resigned as the managing director and a board member citing "personal reasons".
The board of directors accepted Welling's resignation. He will be relieved from the services of the company at the close of business hours on Dec. 15, according to an exchange filing on Thursday.
The refrigerant-gas manufacturer will induct a senior professional to head the organisation as managing director in due course of time. Executive Chairperson Vishad Mafatlal will steer the operations, it said.
The board also approved the appointment of Sudhir Deo as an additional director with effect from Sept. 28, following the recommendation of the nomination and remuneration committee.
Deo has also been appointed as non-executive, non-independent director, subject to the approval of the shareholders, the company said.
Navin Fluorine's stock was trading 13.08% lower at Rs 3,787.85 apiece, compared to a 0.38% advance in the benchmark NSE Nifty 50 at 10.39 a.m. The shares plunged 14.48% during the day to Rs 3,726.65 apiece.
The stock has fallen 7.18% year-to-date. The total traded volume so far in the day stood at 85 times its 30-day average. The relative strength index was at 17, suggesting that it may be oversold.
Twenty-one of the 28 analysts tracking Navin Fluorine maintain a 'buy' rating on the stock, four recommend a 'hold' and three suggest a 'sell', according to Bloomberg data. The average of 12-month analyst price targets implies a potential upside of 32.7%.
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