Sterlite Tech stock under pressure after CFO tenders resignation

Like most technology companies, Sterlite Tech shares have performed poorly so far this year. The stock has declined 42 this year.

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Shares of Sterlite Tech were under pressure in early deals on September 26 after the company said its chief financial officer has resigned.

“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.

At 10:00am, the stock was trading 5.39 percent lower at Rs 163.30 apiece on the BSE, while the benchmark Sensex was down 805.31 points or 1.39 percent at 57,293.61.

The company said Modi will be pursuing opportunities outside the company.

“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.

Like most technology companies, 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.

Sterlite Tech is engaged in providing data network solutions. It designs and deploys high-capacity converged fibre and wireless networks.

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