Shares of Patel Engineering crashed nearly 10 percent on July 8 after the company reported the death Rupen Patel, who was the chairman and managing director of the construction engineering company.
Patel passed away at the age of 57 late on July 5, the company said in a statement. He was reappointed by the company as the chairman and managing director on April 1 this year and had played a crucial leadership role through which the company benefitted, the statement said.
The stock of the company plummeted 9.65 percent to close at Rs 62.34 on NSE.
The company has appointed Janky Patel, the wife of late Rupen Patel, as the chairperson of Patel Engineering. Janky is a graduate of Mumbai University and she will hold the position of non-executive chairperson. She will lead the company with the same dedication and integrity as her husband to ensure the seamless functioning of the company during this difficult period, the statement added.
In addition, Kavita Shirvaikar has been appointed as the acting managing director, stepping down from her previous role as chief financial officer.
She has been with the company for a decade, working closely with Rupen Patel, who has mentored and guided her throughout her tenure, the company said.
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