Schneider Electric slumps 4% as MD & CEO resigns

Schneider Electric slumps 4% as MD & CEO resigns

Shares of Schneider Electric Infrastructure slumped 4 percent on June 9 after the company announced the resignation of Sanjay Sudhakaran, who is the heavy electrical equipment maker’s Managing Director and Chief Executive Officer. At 11:32 am, shares of Schneider Electric Infrastructure were quoting at Rs 241.55, down 1.63 percent. It was trading with volumes of 105,967 shares so far on June 9, as compared to its five day average of 53,634 shares, an increase of 98 percent.

The stock has rallied close to 50 percent in the past three months while it has rise more than 120 percent in the past one year.

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Sudhakaran resigned on June 8, 2023 to pursue a career outside the organisation, the company said in an exchange filing. His last day with the company will be June 30, 2023, at the end of business hours, it added.

“The Company is in the process of identifying a suitable replacement and shall inform the stock exchanges in due course,” said Schneider Electric Infrastructure.

During the quarter ended March, the company’s standalone net sales rose 20 percent YoY to Rs 410.51 crore while net profit jumped to Rs 44.84 crore in March 2023 from Rs 0.07 crore in March 2022.

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