Bayer CropScience shares gain after change in top management

Duraiswami Narain has announced his resignation as the Vice Chairman, Managing Director, and Chief Executive Officer of Bayer CropScience

Shares of Bayer CropScience gained nearly 1 percent in early trade on August 29 after the announcement of a change in top management.

At 11:37am, the Bayer CropScience stock was trading 0.24 percent higher at Rs 4724 on the NSE.

Details of the management changes

In a significant development, Duraiswami Narain has announced his resignation as the vice-chairman, managing director, and chief executive officer of Bayer CropScience. His departure, set to take effect from October 31, 2023, comes as a result of his planned return to Bayer US. This move marks a transition in the company's top leadership, according to a filing with the BSE on August 28.

Follow our live blog for all the market action

Taking the reins from Narain, Simon Weibusch has been appointed as the new vice-chairman, managing director, and CEO of Bayer CropScience. His tenure is set to begin on November 1, 2023. Weibusch, who previously served as the company's executive director and whole-time director, has stepped down from these positions, effective from October 31, 2023. Simon Weibusch's previous role as executive director positions him well to take on this new responsibility and steer Bayer CropScience in its next phase of growth the filing detailed further.

Brokerage Views

Prabhudas Lilladher recommended 'accumulate' rating on Bayer Cropscience with a target price of Rs 4720 in its August 7 research report.

Stock Performance

Bayer CropScience stock has given a return of 10.76 percent over the last six months. The benchmark Nifty50 index has surged by 11.72 percent over the same duration.

Disclaimer: The views and investment tips expressed by experts on Moneycontrol.com are their own and not those of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.