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PI Industries stock loses over 2% after CFO steps down

Following the regulatory update, PI Industries stock touched an intraday low of to Rs 1,892.25 per share on the BSE, falling 2.38% against the earlier close of Rs 1938.35 on BSE

Stock price of PI Industries also touched an intraday high of Rs 1952.45, after opening at Rs 1948.95 Stock price of PI Industries also touched an intraday high of Rs 1952.45, after opening at Rs 1948.95

Shares of PI Industries were trading 2.3% lower on Monday after the company's chief financial officer Subhash Anand stepped down from the company.

Following the regulatory update, PI Industries stock touched an intraday low of to Rs 1,892.25 per share on the BSE, falling 2.38% against the earlier close of Rs 1938.35 on BSE. Stock price of PI Industries also touched an intraday high of Rs 1952.45, after opening at Rs 1948.95.

PI Industries shares had hit a 52-week high of Rs 2,154 earlier this month and have nearly doubled from its March lows of Rs 973. PI Industries is trading higher than 5, 20, 50, 100 and 200-day moving averages

The stock has fallen after 2 days of consecutive gain.

PI Industries stock has fallen 0.28% in one week. However, the stock has risen 14.58% in one month and 33% year to date. Market cap of the firm stood at Rs 29,208.63 crore as of today's session.

"We wish to inform the exchange that Subhash Anand, Chief Financial Officer of the Company has decided to step down due to personal reasons and has requested for early relieving. The management has accepted his request and accordingly, he shall be relieved from his current responsibilities w.e.f. closing hours of August 18, 2020," it said in an exchange filing.

During the June quarter of FY21, PI Industries delivered a strong performance, despite covid challenges. The company posted a 43% year-on-year (YoY) growth in its consolidated net profit at Rs 146 crore as against Rs 102 crore reported in the same quarter of the previous year. Company's revenue during the quarter came in at Rs 1,060, up 41% YoY.

Earnings before interest, taxes, depreciation, and amortisation (EBITDA) stood at Rs 236 crore, up 55% from Rs 153 crore registered in the year-ago period.

The company added appointment of a new chief financial officer is underway and the announcement shall be made separately after necessary approvals.

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