Shares of Shoppers Stop saw the biggest intraday drop in their lifetime on Friday, a day after the company’s Managing Director (MD) and Chief Executive Officer (CEO) Venu Nair resigned from his position. 

At closing, the shares traded at Rs 706, 13.08% lower than the previous closing price on the National Stock Exchange (NSE). The scrip touched an intraday low of Rs 701.05, down nearly 13.7% from its last closing price of Rs 812.25. This was the biggest intraday drop in the share in its lifetime. 

Venu Nair, the company’s MD and CEO, has tendered his resignation due to personal reasons to enable him to spend more time with his family and explore other options, effective from the close of business hours of August 31.

In an exchange filing on August 24, the company announced that the company’s board of directors had accepted Venu Nair’s resignation and appreciated his contribution during his tenure.

In his stead, the company has promoted Kavindra Mishra, the Chief Commercial Officer (CCO) and CEO of its home furnishing arm, Homestop, the new MD & CEO, effective from September 1. Nair will continue to guide the new CEO for a period of six months. 

To ensure a seamless transition, Nair will continue to guide the new CEO for six months, along with the company’s non-executive chairman, BS Nagesh. Nagesh will handhold and mentor the new CEO during the transition period.