CONTENTS: Patel Engineering SHARES PLUNGE 12% After Leadership Shakeup!

Shares of Patel Engineering plummeted by more than 12% during Monday’s trading session following announcements of significant changes in its leadership. The company disclosed multiple filings over the weekend detailing the developments after the sudden passing of its promoter and chairman, Rupen Patel, on Friday, July 5, 2024.

The filings included the appointment of Janky Patel as an additional director and non-executive chairperson, effective July 6, 2024. Kavita Shirvaikar was appointed as the acting managing director from the same date, relinquishing her CFO role, which was assumed by Rahul Agarwal.

Amidst the recent management changes following the demise of its chairman, Patel Engineering Ltd saw its shares decline sharply by over 12.11% to Rs 60.67 on Monday, pushing its market capitalization just above the Rs 5,000 crore mark. The stock had closed at Rs 69.03 in the previous trading session on Friday.

Patel Engineering SHARES PLUNGE 12% After Leadership Shakeup! Over the past year, shares of Patel Engineering have significantly boosted investor wealth, nearly doubling from a 52-week low of Rs 34.95. Since the beginning of FY24, the stock has surged more than 400%. In 2024 so far, it has shown minimal change, while it has risen by 10% over the past month.

Founded in 1949, Patel Engineering is a prominent Indian infrastructure and construction company engaged in a wide range of projects including dams, tunnels, powerhouses, irrigation projects, highways, real estate, and more.