stock fell 4.4 per cent on Thursday amid the CEO transition announcement. The stock traded at ₹521.90 on the NSE at 11.59 am, hitting a low of ₹519.20 from the previous close of ₹543.60.
The company, after market hours on Wednesday, announced the appointment of following the resignation of R Srikrishna.
The present CEO Srikrishna Ramakarthikeyan, better known as Keech, will remain as the Senior Advisor to assist with the transition. He will also resign from the board.
Global brokerage HSBC has maintained a hold rating on the stock at a target price of ₹575. Pertaining to the management transition, it said the key mandate is to reaccelerate growth with a sharper execution focus.
“Strategy likely unchanged, but execution focus expected to improve,” it said.