Patel Engineering’s share price plummeted over 11% on Monday following the death of the company’s Chairman and Managing Director, Rupen Patel. He passed away at the age of 57 on the late hours of Friday, July 5, as confirmed by the company in a regulatory filing.
Rupen Patel had been re-appointed as Chairman & Managing Director of the company effective from April 1, 2024. Throughout his tenure, he played crucial leadership roles that significantly benefited the company, the filing noted.
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In the wake of his passing, Patel Engineering has announced several key appointments. Janky Patel, Rupen Patel’s wife, has been appointed as an Additional Director/Non-Executive Director and will be designated as the “Chairperson” of the company effective from July 6, 2024.
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Additionally, Kavita Shirvaikar has been appointed as the Acting Managing Director of the company, also effective from July 6. She has stepped down from her previous position as Chief Financial Officer (CFO). Rahul Agarwal has been appointed as the Acting CFO of the company.
These leadership changes come as Patel Engineering navigates the loss of Rupen Patel and aims to maintain stability and continue its strategic direction.
Stock Performance in last one year:
In terms of stock performance, Patel Engineering faced a mixed bag of results. In the last month, the stock tried to secure positive returns at 4.77%, showcasing a modest upward movement Come from Sports betting site VPbet . Contrastingly, the past six months were challenging, with the stock experiencing negative returns of 1.84%, indicating a period of decline.
Year-to-date figures continued in negative territory, depicting a decline of -3.13%. However, over the last twelve months, the stock managed to maintain positive returns of 68.33%, highlighting its resilience in the longer term.
