Schneider Electric shares plummet 4% following resignation of MD & CEO

9 Jun 2023 , 12:38 PM

Schneider Electric Infrastructure witnessed a 4 % slump in its shares on June 9 following the resignation announcement of Sanjay Sudhakaran, the company’s Managing Director and Chief Executive Officer.

At the time of writing, shares of Schneider Electric Infrastructure were trading at Rs.239.50, marking a 2.38 % decrease.

On June 9, the stock traded with a volume of 105,967 shares, which is a significant increase of 98 % compared to its five-day average of 53,634 shares. As per the data, over the past three months, the stock has experienced a rally of nearly 50 %, and in the past year, it has risen by over 120%.

Sanjay Sudhakaran tendered his resignation on June 8, 2023, citing a desire to pursue a career outside the organization. His last day with the company will be June 30, 2023, at the end of business hours.

Schneider Electric Infrastructure stated in an exchange filing that they are currently identifying a suitable replacement for Sudhakaran and will inform the stock exchanges accordingly in due course.

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