Gati share price was down 3 percent in the morning trade on September 30, a day after the logistics and supply chain firm said that its founder and Managing Director Mahendra Agarwal had resigned from the board.
"During board meetings held on September 28, 2020, Mahendra Agarwal, Founder and Managing Director of Gati Ltd, resigned from the Boards of Gati, Gati-KWE, and Gati-Kausar," the company said in the release.
"We acknowledge Agarwal's efforts to bring Gati to its current position in India's express distribution market and wish him the best in his future endeavours," said Shashi Kiran Shetty, Chairman, Allcargo Logistics.
The stock was trading at Rs 55.20, down Rs 1.70, or 2.99 percent. It has touched an intraday high of Rs 57.90 and an intraday low of Rs 54.40.
Allcargo Logistics is now the promoter and single-largest shareholder of the Hyderabad-based Gati Ltd with 47 percent ownership, followed by KWE with about 3.5 percent share in the company.
"Owing to these recent developments, the ongoing court case has been rendered infructuous and is now being withdrawn," the company said.
According to Moneycontrol SWOT Analysis powered by Trendlyne, the recent results showed declining operating profit margin and net profits (YoY).
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