Shares of Navin Fluorine International slid by over 14% on Friday after the chemical company announced that its managing director (MD), Radhesh R Welling, has resigned due to personal reasons.

Welling will continue to serve the company till December 15 to facilitate a smooth transition. After the resignation, the company’s executive chairman, Vishad Mafatlal, will take over until the firm appoints a new MD.

“The company’scompany’s board has placed on record its sincere appreciation for the contribution made by. Welling during his tenure with the company and wishes him the very best in his future endeavours,” Navin Fluorine said.

Further, the company’s board of directors approved the appointment of Sudhir R Deo as an additional director effective September 28 following the recommendation of the nomination and remuneration committee. Also, the company will hold its analyst meeting on October 4.

This comes over a month after the company saw the chief executive officer (CEO) of its Contract Development and Manufacturing Organization (CDMO) business, Ravi Venkataramanan, step down. 

At 03:15 pm, shares of Navin Fluorine were trading at Rs 3,760.05, down nearly 13.71% from the last closing price on the National Stock Exchange (NSE). The stock saw its worst day since January 2008, plunging 14.4% to hit a fresh yearly low of Rs 3,726.65.