Rahul Sarin assumes board of Reliance Infra as Anil Ambani steps down; stock nosedives ~7%

28 Mar 2022 , 12:31 PM

In its filing with the exchanges, Reliance Infrastructure Limited informed that the company has appointed Rahul Sarin as an Additional Director in the capacity of Independent Director for a term of 5 consecutive years subject to the approval of members at the General Meeting.

Currently, Mr. Sarin assumes the position of Director in Afthonia Private limited. Sarin has been appointed to take charge of the office of Anil D Ambani who extended his resignation from the company’s board.

Mr. Rahul Sarin, aged 72 years, a civil servant with a distinguished record of public service of over thirty-five years, retired as Secretary to the Government of India. He holds five years of rich experience in the judiciary after superannuation as a Member of, the Competition Appellate Tribunal and Airport Economic Regulatory Authority Appellate Tribunal.

He holds diverse experience in field-level assignments and top management positions in State and Central Government, Public Sector, together with a foreign assignment and exposure of working with international organizations has given him invaluable insight.

Mr. Sarin has published two books: Development Perspectives in 2016 and China’s Agriculture and Political Economy in 2017.

Post this development, Reliance Infra’s stock plunged 7.14% in today’s trade. It was currently trading at Rs101.40, against its previous closing price of Rs109.20. It touched day’s high and low of Rs106.75 and Rs99.15 respectively.