Shares of Navin Fluorine International Limited slumped 13 per cent in early trade on Friday after its Managing Director Radhesh R Welling tendered his resignation citing “personal reasons”. At 10.43 am, the shares of the company were at Rs 3,790.90, down 13.01 per cent from their previous closing.
Welling tendered his resignation as the Managing Director and a Director on the Board of the Company for personal reasons. “His resignation was accepted by the Board of Directors at its Meeting today,” the company informed stock exchanges through a filing on Thursday after market hours. Established in 1967, Navin Fluorine operates one of the largest integrated fluorochemicals complexes in India with manufacturing locations at Surat and Dahej in Western India and Dewas in Central India. Its R&D centre Navin Research Innovation Center is located at Surat.
“Welling will be relieved from the services of the Company effective from the close of business hours on December 15, 2023. He shall continue to serve the Company to facilitate a smooth transition. The Company will induct a senior professional to head the organization as Managing Director in due course of time,” the filing to the stock exchanges read. In the intervening period, Vishad P Mafatlal, Executive Chairman, will steer the operations of the company and will be assisted by the “leadership team”, it added.
To further strengthen its Board, the Board of Directors, at its meeting held on Thursday, approved the appointment of Sudhir R Deo as an Additional Director of the company with immediate effect. Sudhir R Deo holds an M. Tech. in Chemical Engineering from IIT Kanpur with about 44 years of association with Arvind Mafatlal Group (‘AMG’). He retired as Managing Director of NOCIL in July 2023.