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On Friday, shares of retail chain Shoppers Stop fell over 11% to Rs. 719.45 was reached. This is the biggest drop in the company’s stock in 3 years. This decline in the shares of Shoppers Stop was attributed to its Managing Director and CEO Venugopal G. It comes after the announcement of Nair’s resignation. The company has informed that Nair has resigned due to personal reasons.
The company has appointed Kavindra Mishra as the new CEO.
“Venu Nair, Managing Director and CEO of the company has resigned from his position,” Shoppers Stop said in an exchange filing. He has resigned due to personal reasons and his resignation will be effective from 31 August 2023. The board of directors of the company has accepted his resignation in its meeting. Meanwhile, the company has promoted its CCO and CEO of Homestop, Kavindra Mishra as its new MD and CEO. Nair will guide the new CEO for the next six months.
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Shares rose 380% in 3 years
Shares of Shoppers Stop have gained a lot in the last 3 years. Shares of the Company as on 31 July 2020 Bombay Stock Exchange (BSE) Rs. at 149.38. On August 25, 2023, the shares of Shoppers Stop were priced at Rs. 719.45 has been reached. The company’s stock has gained 380% in the last 3 years. Shoppers stop share’s 52-week high at Rs. 889.75 is. At the same time, the company’s shares hit a 52-week low of Rs 574.85. Shares of Shoppers Stop have gained close to 23% in the past 4 months.
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Disclaimer: The information provided here is only about stock performance and does not constitute investment advice. Investing in the stock market is subject to risk and you should consult your advisor before investing.