Mumbai, Aug. 12 -- Sitapati's resignation comes well ahead of the completion of his current tenure, which had earlier been extended for five years until October 2031. The sudden leadership change weighed on investor sentiment, triggering sharp selling pressure in the stock.

Following the resignation, the company's board appointed Aasif Malbari, who was serving as chief financial officer (CFO), as an additional director (executive, non-independent) and designated him as MD & CEO for a term of five consecutive years.

The board also approved Malbari's appointment as a member of the Corporate Social Responsibility Committee, Environment, Social & Governance (ESG) Committee and Management Committee. He will continue to serve as a member of t...