Cummins India shares declined over 5% intraday on Tuesday after the machinery manufacturing company informed the exchanges about the resignation of the Managing Director, Director and Key Managerial Personnel of Cummins India and Vice President of Cummins India ABO.
The share price of Cummins India-- a manufacturer of engines, generators and related products- fell nearly 1.5% to Rs 741 against the last closing price of Rs 752.10. Later, the stock fell over 5.27% to day's low of Rs 712.50. The Cummins stock has lost 2.52% value in the last 3 days and trades lower than 5, 20, 50 and 200-day moving averages.
As per the filing, Sandeep Sinha, who had joined Cummins in 2004 as a Corporate Indirect Purchasing Manager, tendered his resignation via letter on July 15, 2019, for pursuing a career outside of the company.
He played a key role in the start-up of multiple plants and held several leadership roles in Corporate Strategy in the USA, New and Recon Parts and Industrial Engine Business in India. Sinha served as the Chief Operating Officer of Cummins India, before taking his most recent leadership role as the MD.
Cummins India later added in the filing, "Cummins' Board of Directors are committed to confirming Sinha's successor and will run an efficient and expendient process. The company continues to operate under a strong leadership team and focused on continuing to deliver strong results for all stakeholders."
"We will miss his leadership vision, strong business acumen, and commitment to excellence that enabled the ABO to continue delivering outstanding business performance. Throughout his career, Sandeep lived the Cummins value of excellence through his focus on areas such as safety, quality and operational efficiency. He will also be remembered for his deep commitment to building relationships with customers and employees," said Norbert Nusterer, Vice President and President of Power Systems, Cummins Inc.
The stock price of Cummins India, currently trades at Rs 737.55 on the BSE and at Rs 737.90 on NSE, respectively. Overall 0.38 lakh shares and 9.6 lakh shares are currently changing hands on BSE and NSE, both above 3, 5 and 10-day average volume traded.
Edited by Rupa Burman Roy