Rs 7800 crore company’s stock plunges over 10 percent after CEO resigns due to…

One of the country’s most popular retail chains, Shoppers Stop saw a big shakeup at the top followed by the biggest intra-day drop in its stock market value. Outgoing MD and CEO Venu Nair’s resignation followed a tumbling on Friday when Rs 7784 crore market cap Shoppers Stop's shares took as much as a 13 percent hit in the stock market, according to a Zee Business report.

The drop came after Managing Director and Chief Executive Officer Nair has tendered his resignation citing personal reasons, to spend more time with family and explore other options. Nair’s resignation will be effective from the close of business hours of August 31.

His resignation was accepted by Shoppers Stop Board of Directors who also placed their appreciation for Nair’s contribution on record. The executive movement’s news followed a drop of 12.64 percent for the company on BSE as its shares settles on Rs 708.85 per unit. The share price reportedly fell by as much as 13.56 percent during the day, reaching Rs 701.35. Shoppers Stop shares fell 13 percent on NSE to settle at Rs 706 per share.

Reacting to Nair’s resignation, Shoppers Stop Limited on Thursday announced Chief Commercial Officer and CEO Homestop Kavindra Mishra as Nair’s replacement. Mishra has been elevated to Executive Director and CEO. Nair will continue to guide the new CEO and advice him over the next 6 months, as per a company filing.