Shares of Navin Fluorine International Ltd touched the 52-week higher after the chemical company’s managing director Radhesh R Welling announced his departure, the second high-level exit in two months. In August, Ravi Venkataramanan stepped down as the CEO.
At 2:30 PM, the stock was trading 3.75 per cent down at Rs 3,680.55 on the National Stock Exchange (NSE). It touched the 52-week low of Rs 3,650.05 on Thursday.
The company said that the search was currently underway for the suitable replacement for the role. It is expected to execute current and upcoming projects seamlessly and no ongoing projects should get delayed during the transition, the chemicals company said during a conference call, reported CNBC.
The company management also added that it was working with the human resources to address the attrition issue at the senior level.
The stock has plunged over 15 per cent in last five sessions after welling resigned from him position as managing director with effect from 15 December, citing personal reasons.
The resignations come at a time when the company aims to raise equity to achieve capital discipline.
Navin Fluorine is a major player in the country’s flurochemicals sector. The company has presence across specialty chemicals, high-pressure processing, and Contract Development and Manufacturing Organisation of butyl molecules.
International broking firm Jefferies has downgraded the stock to “hold” rating from “buy” and cut the target price to Rs 3,625 from Rs 5,475.
On Thursday, the stock ended 125.30 points or 3.27 per cent down at Rs 3,699.95 on the National Stock Exchange (NSE).