NIIT’s shares plunge 10.9% as CEO quits
The shares of NIIT Limited plunged 10.9% as the company’s chief executive officer Rahul Keshav Patwardhan tendered his resignation.
The company notified the BSE that its CEO had resigned “due to compelling family reasons and has requested to be relieved from the close of business hours of July 31, 2017.”
NIIT’s board has accepted the resignation, it told the stock exchange.
On Monday, NIIT’s shares plunged 10.9% to a day’s low of Rs 73.80 apiece. At 1303 hours, the shares were trading at Rs 77.25, down Rs 5.60 or 6.76% compared to the previous close.
“Further the Board of Directors has approved the appointment of Sapnesh Lalla as CEO designate of the company from April 7, 2017, and as CEO with effect from August 1, 2017.”
Lalla currently heads the Global Corporate Business (GCB) which constitutes nearly 70% of the global business of NIIT.
He has been a part of the company for 25 years.