Explained — What led to the nearly 10% fall in Cohance Lifesciences shares on Wednesday

Shares of Cohance Lifesciences Ltd. fell up to 10% on Wednesday, October 29, after the company informed the exchanges that V Prasada Raju, has quit as Managing Director and Director of the company. The resignation is effective from October 28 itself.

In his resignation letter, Prasada Raju cited a consideration of his personal priorities and to "continue his learning journey" as the reasons behind his resignation. He will continue till a smooth and orderly transition takes place.

Cohance Lifesciences has appointed Himanshu Agarwal as Additional Director and Whole-time Director from October 29, subject to approval from shareholders of the company. Agarwal is currently Chief Financial Officer (CFO), at Cohance.

Agarwal's term will be for a period of five years, Cohance said in its exchange filing. Agarwal has been CFO at Cohance since Janauary 2024.

Shares of Cohance Lifesciences fell as much as 10% in early trading on Wednesday, but are recovering from the lows, currently trading 6.4% lower at ₹804.8. The stock is down 28% from its recent 52-week high of ₹1,121, and has declined 25% on a year-to-date basis.