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Shares of Kaynes Technology Ltd. slightly recovered after extending their decline, slipping more than 6% from the day’s high. The sharp decline was seen after Chief Executive Officer (CEO) Rajesh Sharma tendered his resignation from the company.
The company said Sharma has decided to pursue opportunities outside the organisation, and his resignation will take effect on October 31, 2025, Kaynes Tech said in an exchange filing.
"At this juncture, I believe it is time for me to embark on a new professional journey to take up another exciting and challenging assignment," Sharma said.
Kaynes Tech CFO Jairam Sampath told CNBC-TV18 that the company is expected to announce the CEO candidate's name in the next three to four days.
The new CEO will be an internal candidate, working with company for last one year, he said.
He also said that the CEO's exit was well planned. “He was in discussion with me for a while,” the CFO said.
The company’s trajectory remains well on track, and the current earmarked capex will be completed over the next 2-3 years, he added.
Since its IPO at ₹587 per share, the stock has surged nearly 12 times.
Kaynes Tech shares are currently trading 2.06% lower at ₹7,080.20, about 9% below their 52-week high of ₹7,822.
The company said Sharma has decided to pursue opportunities outside the organisation, and his resignation will take effect on October 31, 2025, Kaynes Tech said in an exchange filing.
"At this juncture, I believe it is time for me to embark on a new professional journey to take up another exciting and challenging assignment," Sharma said.
Kaynes Tech CFO Jairam Sampath told CNBC-TV18 that the company is expected to announce the CEO candidate's name in the next three to four days.
The new CEO will be an internal candidate, working with company for last one year, he said.
He also said that the CEO's exit was well planned. “He was in discussion with me for a while,” the CFO said.
The company’s trajectory remains well on track, and the current earmarked capex will be completed over the next 2-3 years, he added.
Since its IPO at ₹587 per share, the stock has surged nearly 12 times.
Kaynes Tech shares are currently trading 2.06% lower at ₹7,080.20, about 9% below their 52-week high of ₹7,822.
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