Supriya Lifescience stock tumbles as CEO resigns

The Board simultaneously approved the appointment of Rajeev Kumar Jain as Chief Executive Officer and Key Managerial Personnel of the Company, who will be joining on October 3, 2022.

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Shares of Supriya Lifescience came under selling pressure on September 28 after the chief executive officer of the company tendered his resignation and the board announced his successor soon after that.

“This is to inform you that Shireesh Ambhaikar, Chief Executive Officer and a Key Managerial Personnel of the company, has resigned from the position due to his personal reasons and requested, inter alia, for acceptance of his resignation and relieving him by September 30, 2022 and which has been accepted by the Board in its meeting held today i.e. September 27, 2022,” the company said in a regulatory filing.

The company added that Ambhaikar has agreed to extend his services on a retainership basis for a period of two years effective October 1, 2022 where he will be designated as Technical Head for certain projects of Supriya Lifescience to ensure their timely execution, knowledge transfer and smooth transition to his successor.

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The Board simultaneously approved the appointment of Rajeev Kumar Jain as Chief Executive Officer and Key Managerial Personnel of the Company, who will be joining on October 3, 2022.

The company said Jain is a seasoned professional having worked in reputed corporates in API business with over 35+ years of experience covering manufacturing, general management and business.

At 2:00pm the scrip traded at Rs 303.00 apiece on the BSE, down 5.74 percent, while the benchmark Sensex declined 187.77 points or 0.33 percent to 56,919.75.

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