Mahindra Lifespace Developers (MLDL) shares dropped 8% to Rs 349.50 in Friday’s intraday trade after the company announced the resignation of its existing MD & CEO, Arvind Subramanian, effecting from May 22, 2023. Arvind Subramanian has been directing the company’s operations since May 2020.

Mahindra Group has elected Amit Kumar Sinha, the new MD & CEO, from May 23, 2023. He has worked with the Mahindra Group as President of Group Strategy since April 2021, having over 18 years of experience. Earlier, he was a High-ranking Partner and Director with Bain & Company.

“Amit’s appointment follows Arvind Subramanian’s decision to resign from MLDL for personal reasons. Group Mahindra firmly believes in MLDL’s future growth potential and is fully committed to expanding it to the next level,” the company said.

The company has nearly increased its annualised sales worth around Rs 2,000 crore from Rs 700 crore under the former MD with precise adhesion across the new business expansion.

MLDL’s improvement footprint spans 32.97 million square feet of accomplished, ongoing, and forthcoming housing projects across seven Indian cities; and over 5,000 acres of enduring and future projects under development/ management at its combined developments/ industrial groups across four locations.