Shares of Mahindra Logistics fell 3% on February 27 after chief financial officer Yogesh Patel resigned.

Before joining Mahindra Logistics in August 2018, Patel was the Chief Financial Officer of Healthcare Global. Previously, he held various positions, including Finance Director at EY, Vice President of Finance at Wipro and Country Financial Planning Manager at IBM.

Patel’s resignation will take effect on March 10, and the company said it is in the process of naming a new chief financial officer. This will be communicated to the stock exchange immediately, it added.

In Q3FY23, the company’s consolidated net profit fell 22% to Rs 1.4 crore due to higher costs, while overall expenses rose 17% to Rs 1,332 crore, mainly due to higher operating prices. Excluding the impact of the Rivigo B2B express business acquired by the company in November 2022, the net profit was Rs 120 crore. Its operating income rose 17% to Rs 1,330 crore from Rs 1,136 crore a year earlier.

Shares of Mahindra Logistics have fallen 22% over the past month. Shares were trading down 1.74% at Rs 367.60 per share at 10:50 am on the NSE.