Patel Engineering’s share price dropped more than 11% on Monday following the death of its Chairman and Managing Director, Rupen Patel.
Rupen Patel, 57, passed away late on Friday, July 5, as announced by the company in a regulatory filing. He had been reappointed as Chairman and Managing Director starting April 1, 2024, and had provided crucial leadership that greatly benefited the company.
In response, Patel Engineering has appointed his wife, Janky Patel, as an Additional Director/Non-Executive Director and designated her as the new Chairperson, effective July 6, 2024. Additionally, Kavita Shirvaikar has been appointed as Acting Managing Director, stepping down from her previous role as CFO. Rahul Agarwal will now serve as the Acting Chief Financial Officer.
Despite the recent plunge, Patel Engineering shares have surged over 75% in the past year and have provided multibagger returns of more than 243% over the last three years. At 9:30 am on Monday, the shares were trading 10.91% lower at ₹61.50 each on the BSE.
Disclaimer: The views and investment tips expressed by investment experts on Sharepriceindia.com are their own and not those of the website or its management. Sharepriceindia.com advises users to check with certified experts before taking any investment decisions.
