Cohance Lifesciences shares tank 10% on this top post update, more details 

Shares of Cohance Lifesciences Ltd slipped 10% on Wednesday after the company said V Prasada Raju has resigned from the position of Managing Director and Director with immediate effect on October 28. Cohance Lifesciences shares slipped 10.2% to Rs 767.10 against the previous close of Rs 854.50. Market cap of the firm fell to Rs 31,372 crore.

Prasada Raju said he resigned due to personal priorities and to "continue his learning journey". Raju will continue till a smooth and orderly transition takes place.

Meanwhile, Cohance Lifesciences has appointed Himanshu Agarwal as Additional Director and Whole-time Director with effect from October 29, subject to approval from shareholders of the company. Currently, Agarwal is the Chief Financial Officer (CFO) at Cohance.

Agarwal's term will be for a period of five years, Cohance said in its exchange filing. Agarwal has been CFO at Cohance since Janauary 2024.

"Noted the resignation of Dr. V Prasada Raju (DIN: 07267366), as Managing Director and Director of the Company. In view of his resignation, he will cease to be a Director and Key Managerial Personnel, with effect from close of business hours on October 28, 2025. However, he will continue to be available with the Company in terms of his contractual terms with the Company and to facilitate seamless transition of his duties and responsibilities," said the firm.

Cohance Lifesciences is a contract development and manufacturing organization (CDMO) that partners with global pharmaceutical and biotechnology companies. It specializes in creating complex molecules, active pharmaceutical ingredients (APIs), specialty chemicals, and formulations. The company's business model is a unified platform built from a series of strategic acquisitions.