New Delhi, Nov. 6 -- Shares of Grasim Industries slumped 6.5% in Thursday's trade, November 6, hitting a three-month low of Rs.2,965 after company said that Rakshit Hargave, CEO of the company's paints division, Birla Opus, resigned from his position on Wednesday.

The unexpected exit from the newly launched paints business weighed on investor sentiment, overshadowing the company's otherwise healthy quarterly performance.

Global brokerage firm Jefferies termed the resignation of the CEO of Grasim's paints division as a negative surprise. It highlighted that while the paint business faced a tough quarter, market share gains continued.

Given the former CEO's active involvement in scaling up the paint segment amid intense competition, Jeff...