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Sterlite Technologies Shares Fall 7% As CFO Mihir Modi Resigns

By: Business Desk

Edited By: Aparna Deb

News18.com

Last Updated: September 26, 2022, 12:45 IST

New Delhi, India

Sterlite Tech Shares Plunge

Sterlite Tech Shares Plunge

Shares of Sterlite Tech dropped almost 7 per cent during the early trade on Monday after the company's key managerial personnel tendered resignation.

Sterlite Tech CFO Resigns: Shares of Sterlite Tech dropped almost 7 per cent during the early trade on Monday after the company’s key managerial personnel tendered resignation. Modi will be relieved from his duties with effect from the close of business hours of Friday, October 14, 2022.

“This is to inform that Mr. Mihir Modi, Chief Financial Officer and Key Managerial Personnel of the Company has tendered his resignation and will be relieved from his duties with effect from close of business hours of Friday, October 14, 2022," said the company in a regulatory filing.

The company said that it is in the process of appointing a new chief financial officer and the same will be intimated to the exchanges in due course.

“The Board has taken note of his resignation and expressed its appreciation for his contributions during his tenure. The Company is in the process of appointing a new Chief Financial Officer and the same will be intimated to the exchanges in due course,” said the firm.

Sterlite Technologies is a leading end-to-end solutions provider for global digital networks. The company reported a consolidated net loss of Rs 20 crore in Q1 FY23 as against a net profit of Rs 116 crore in Q1 FY22. Revenue from operations rose 20.3 per cent to Rs 1,575 crore in Q1 FY23 from Rs 1,309 crore posted in Q1 FY22.

Sterlite Tech shares have performed poorly so far this year. The stock is down 42 percent this year. The management exit will further put pressure on the shares of the company.

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first published:September 26, 2022, 12:45 IST
last updated:September 26, 2022, 12:45 IST