In an unusual turn of events, the resignation letter of Rinku Patel, former CFO of BSE-listed company Mitshi India, has become a social media sensation due to its unique handwritten appearance. The surprise doesn't end there. On the same day as Patel's resignation, Mitshi India experienced an unexpected boost in its share price.
In the trading session on December 22, the company's stock settled at Rs 23.30 per share on the BSE, marking a substantial 4.34 percent increase compared to the previous day's closing price of Rs 22.33.
This unexpected rise has captured the attention of market observers, sparking discussions about the connection between the unique resignation letter and the positive impact on the company's share value.
CFO's handwritten resignation sparks social media buzz
The resignation letter Rinku Patel, former CFO of a BSE-listed company, is doing the rounds of social media for its rather unique appearance. Social media users were amused and pleasantly surprised to see that in the age of internet and emails, Mitshi India’s chief financial officer Rinku Patel submitted a handwritten resignation letter.
Even more surprising was the fact that instead of using a plain A4 sheet that is typically used for official communications, the former chief financial officer’s resignation was written on ruled paper – not unlike the kinds seen in children’s school notebooks.
In the letter dated November 15, Patel said he would be resigning from the role of CFO with immediate effect due to “personal reasons.” A copy of the letter was shared on the Bombay Stock Exchange website on December 21, from where it made its way to social media.
Reuters reporter Sethuraman NR shared a picture of the handwritten resignation letter on X (formerly Twitter), where it has gone viral with over 1 lakh views and a ton of comments. “This CFO seems to have borrowed a page from his kid's rough note book and have written resignation letter in that and uploaded in BSE. Listed companies in India,” he captioned the pic.
Other users agreed with Sethuraman’s take.
“Nice handwriting by the way! Looks like his kid has written this note,” wrote one commenter.
“Well it’s a 20 Cr mcap company, people living in my neighbourhood have houses that exceeds that so yeah rough notebook makes sense,” another said.
“It may not be in proper form. However, it conveys substance and meets the legal requirements. Adds some flavour to the drab letters we keep seeing. And for some, it's a news story and conversation starter,” X user V Sudarshan added.
Mitshi India has a market capitalisation of Rs 19 crore. It was founded in 1976 as Dera Paints and Chemicals Ltd.
Mitshi India stock overview:
In the stock market session on December 22, Mitshi India opened at Rs 22.99, slightly up from the previous close of Rs 22.33. The trading volume reached 25,463 shares, with a corresponding value of Rs 5.93 lacs.
Price performance analysis:
1 Week performance: Mitshi India's stock demonstrated a modest increase of 0.82% over the past week, reflecting a stable trend.
1 Month performance: Over the last month, the stock showcased a noteworthy growth of 8.37%, indicating positive momentum.
3 Months performance: The three-month period also witnessed an 8.37% increase in Mitshi India's stock value, suggesting sustained positive performance.
Year-to-Date (YTD) performance: Impressively, the year-to-date performance stands at 128.88%, highlighting a significant upward trajectory throughout the year.
1 Year performance: Looking at the one-year performance, Mitshi India's stock has surged by an impressive 145.26%, showcasing substantial gains over the extended period.
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