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Vedanta falls over 4% after Cairn India's CEO and CFO resign

Shares of Vedanta tumbled over 4 per cent intraday on Thursday after two senior officials of subsidiary company Cairn India resigned.

twitter-logo BusinessToday.In        Last Updated: April 11, 2019  | 17:54 IST
Vedanta falls over 4% after Cairn India's CEO and CFO resign
Sudhir Mathur is the fourth CEO to quit the Cairn India since it was taken over by mining billionaire Anil Agarwal-led Vedanta Group seven years back.

Shares of Vedanta tumbled over 4 per cent intraday on Thursday after two senior officials of subsidiary company Cairn India resigned.

Sudhir Mathur is the fourth CEO to quit the Cairn India since it was taken over by mining billionaire Anil Agarwal-led Vedanta Group seven years back. Pankaj Kalra, the Chief Financial Officer of Cairn India, has also resigned along with Mathur.

As per sources, Sudhir Mathur resigned about a month back and his resignation was made public only last week. He had joined Cairn India in January 2013 and was named interim CEO when Mayank Ashar resigned as the Chief Executive of the company in May 2016.

A company spokesperson confirming the resignations said: "Such movements in management are part of natural evolution in any organization, and are in line with career aspirations and personal priorities of individuals.

"Having a strong and healthy leadership pipeline is the key in a high growth organisation like ours. We want to emphasise here that these movements are unconnected and have been spread over a period of time."

Vedanta had bought 58.8 per cent stake in Cairn India from British explorer Cairn Energy in August 2010 and the acquisition was completed in December 2011.

Vedanta shares opened flat and plunged as much as 4.63 per cent to hit the day's low of Rs 179.60. The stock, which has fallen 4.65 per cent in the last two trading session, emerged as top laggard on the BSE today.

Vedanta shares saw a surge in volume trade with 12.10 lakh shares changed hand on BSE and over 175.71 lakh traded on NSE, respectively.

In a separate development, London's Supreme Court said Zambian villagers can sue the Vedanta in England yesterday.

The stock has fallen 36 per cent in the last one year, over 16 per cent in the last six months, and over 7 per cent over 3 month's period.

The stock closed at Rs 181.30 on BSE and at Rs 181.35 on NSE, respectively.

(Edited by Rupa Burman Roy)

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