Navin Fluorine slumps 13% as MD calls it quits after CEO and CFO

While Sudhir R Deo has been appointed as an additional director to strengthen the board, investors are wary about the slew of high-profile exits in the company

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Shares of Navin Fluorine dropped over 13 percent intraday on September 29 as the chemical company saw its second high-profile exit in two months. On September 28, Managing Director Radhesh R Welling stepped down, citing personal reasons, with effect from December 15.

At 11:30am, the Navin Fluorine stock was quoting Rs 3,756.50 on the NSE, lower by 13.80 percent from the previous close. Trading volumes of 2 million shares at the time were over 18 times the 20-day average volume.

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While Sudhir R Deo has been appointed as an additional director to strengthen the board, investors are wary about the slew of high-profile exits in the company. On August 18, Ravi Venkataramanan had stepped down as the chief executive officer following which Rajendra Sahu was promoted.

In August 2022, the company’s then chief financial officer, Basant Kumar Bansal, had resigned within one year of appointment. Prior to that in October 2021, Ketan Sablok had resigned as the CFO.

Foreign brokerage Morgan Stanley has taken note of this high attrition in top management. “We expect to hear more from company on plans to tackle the same,” it said in a recent note.

However, it has maintained its ‘overweight’ call on the stock with a target price of Rs 4,951, indicating a 32 percent upside. The bullishness comes on the back of the company’s focus on high-performance products and accelerating contract manufacturing expansion, despite a slowdown in the broad chemicals segment.

For the quarter ended June, Navin Fluorine had posted a net profit of Rs 61.50 crore, down 17.3 percent from Rs 74 crore recorded last fiscal.

Revenue for the company, however, recorded a 23.5 percent on-year rise to Rs 491.1 crore from Rs 397 crore.

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