Penny Stock Falls 4% on Resignation of Director, 2nd Resignation in 4 Days

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Penny Stock Falls 4% on Resignation of Director, 2nd Resignation in 4 Days
Credit: © Reuters.

By Malvika Gurung -- Shares of the supermarket company Future Consumer (NS: FTRE ) declined 4% on Tuesday to hit an intraday low at Rs 0.95 apiece and were trading 2.02% lower at Rs 0.97 apiece at 1:05 pm during the session.

The food-led FMCG stock slid for the second consecutive session on Tuesday and has tanked 8.65% in these two days.

The fall today was led by Future Consumer’s latest announcement that the company’s Non-Executive Director Ashni Biyani resigned as the company’s Director starting June 5, 2023, due to her other engagements and commitments.

This comes shortly after the resignation of the company’s Independent Director on Friday last week.

On June 2, 2023, GN Bajpai resigned as the Independent Director and Non-executive Chairman of Future Consumer’s Board of Directors, also ceasing to be the member and chairman of the Audit Committee as well as the member of the company’s Committee of Directors.

Bajpai has stated the reason for the resignation as his advancing age, Future Bayani said in an exchange notification.

InvestingPro’s financial models appear bullish on the FMCG company and have an average fair value of Rs 1.04/share set on it, indicating a nearly 10% potential upside.

InvestingPro sees the most bullish fair value of Rs 1.61/share set on the penny stock, indicating a strong 66% upside.

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