Accident of the Day: F&O Stock Tanks 13% as MD Resigns

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Accident of the Day: F&O Stock Tanks 13% as MD Resigns

By Aayush Khanna

The last day of the week turned out to be a nightmare for Navin Fluorine International Limited’s investors. Minutes after yesterday’s session closed, the company announced that Mr. Radhesh R. Welling has tendered his resignation as the Managing Director and a Director on the Board of the company for personal reasons.

He will be relieved from his duties from 15 December 2023 (from the close of business hours). He has played a key role in navigating through the tough times during COVID-19, all the way to achieving the highest sales and profit in FY23. Clearly, his resignation has come as a shock to investors and as a result, the stock tanked 14% to INR 3,750, by 11:03 AM IST.

The intense selling spree can be gauged by the fact that the stock garnered a volume of INR 2.14 million shares on the NSE. This is the highest one-day figure in over a year, and that too in less than 2 hours of trading. 

After today’s sharp cut, Navin Fluorine International fell to a new 52-week low of INR 3,726.65

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  • prasanjit parbo @prasanjit parbo
    wait for the stock to settle, now it will be highly volatile , for short term investors, avoid and for long term buying opportunity. Should be above 4000 in next budget session.
    Like 1
  • Yugen Freddy @Yugen Freddy
    No wait for the stock to stabilise and regrowth after company direction to appoint new MD
    Like 0
  • Vikrant Darak @Vikrant Darak
    Is it a buying opportunity?
    Like 2
  • Vikas Rana @Vikas Rana
    Isn’t it over reaction
    Like 0
    • V R Kotha @V R Kotha
      @Vikas Rana it's better but late reaction
      Like 0

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