Britannia shares may react to Varun Berry's resignation as MD & CEO before term ending

Shares of Britannia Industries Ltd

. may see a reaction on Tuesday, November 11, after a churn seen at its top management on Monday evening after market closing hours.

The company's MD & CEO Varun Berry announced that he will be stepping down from his position before his term ends in 2029. The board of the company has also accepted his resignation with immediate effect, without Berry serving his notice period.

Britannia has been in focus recently since the announcement that Rakshit Hargave will be the new CEO from December 15. Hargave quit Grasim's Birla Opus over the weekend. He will also take charge as Managing Director from December 15.

N Venkataraman, currently the CFO at Britannia, will be interim CEO, till Hargave takes charge next month.

Under Varun Berry, Britannia's revenue grew by 2.5x, margins expanded by over 900 basis points, net profit saw a six-fold jump, while its market cap multiplied by 18 times to the ₹1.47 lakh crore that it stood at as of Monday's close.

Motilal Oswal, which recently upgraded Britannia to "buy" from "neutral" wrote in a note that there could be some near-term pressure on the stock price due to Varun Berry's "long and successful" stint and quick exit.

"With this change, the focus on the new CEO and his strategic layout will be crucial, but growth recovery will be a key monitorable in the near term," the brokerage wrote.

Shares of Britannia ended little changed but below the flat line on Monday, down 0.4% at ₹6,135. The stock has risen 4% in the last one month and 27% so far in 2025.