Vedanta Ltd shares surged up to 2.25% on Wednesday after the largest natural resources company in the country announced that it would appoint Ajay Goel as its new Chief Financial Officer (CFO) after current position holder, Sonal Shrivastava, resigned on October 24 due to personal reasons.

At 12:50 pm, shares of Vedanta Ltd were trading at Rs 216.30, up 0.58% from the last closing price on the National Stock Exchange (NSE). The scrip surged as much as 2.25% to hit an intraday high of Rs 219.90. 

Sonal Shrivastava is the third incumbent to quit in five years from the post in the billionaire Anil Agarwal-controlled company. G R Arun Kumar left Vedanta in 2021 after a failed attempt to take the company private.

Ajay Goel was earlier the acting CFO of the company from October 23, 2021, to April 9, 2023. After resigning, he joined the ed-tech startup BYJU’s as its CFO. But he quit six months after joining. His reappointment as the CFO of Vedanta is effective from October 30, 2023.

During his time at Vedanta, Ajay Goel was instrumental in handling capital allocation, regulatory approvals, investment matters, investor relations, and major merger and acquisition-related affairs. 

Recently, Vedanta also announced a complete restructuring, including demerger of its metals, power, aluminium and oil and gas businesses into six separate listed companies – Vedanta Aluminium, Vedanta Oil & Gas, Vedanta Power, Vedanta Steel and Ferrous Materials, Vedanta Base Metals, and Vedanta Limited.

Vedanta Ltd will issue one share of each of the five demerged businesses for every share held. The process is expected to be completed by September of the 2024-25 fiscal year.