Cummins India Shares Drop 5.5% After MD Sandeep Sinha Resigns
Cummins India Ltd shares declined as much as 5.5% in intraday trade on Tuesday, i.e. 16 July, after the company’s managing director (MD) Sandeep Sinha resigned to pursue business interests outside of Cummins.
“Sandeep Sinha, Managing Director of the Company has tendered his resignation vide letter dated July 15, 2019 to pursue a career outside of the company. We further wish to inform you that Sandeep Sinha shall cease to be the Managing Director, Director and Key Managerial
Personnel of the Company with effect from closing business hours of August 16, 2019,” Cummins India said in a statement.
The company informed exchanges that Sinha has also resigned as vice president of Cummins India ABO (Area Business Organization).
Sandeep Sinha is an alumnus of Manipal Institute of Technology and Kelley School of Business, Indiana University. He was appointed as MD of Cummins India in February 2018. Prior to that, he was the chief operating officer (COO) of the company.
Sinha had joined Cummins in 2004 as a corporate indirect purchasing manager. Over his career at the company, he held several leadership roles in corporate strategy in the US, New and Recon Parts and Industrial Engine Business in India.
Before starting his journey with Cummins India, Sandeep Sinha was the vice president of the Industrial Engine Business in India, where he focused on several key areas like safety, quality, operational and supply-chain excellence.
Cummins India is in the business of designing, manufacturing, distributing and servicing engines and related technologies in India.
At 11:10 am, Cummins India shares were trading at Rs 739.80, down 1.7%, after hitting an intra-day low of Rs 710.95.