Why This Tata Fund-Backed Midcap Stock Is Nosediving 11% Today

Shoppers Stop shares plunged nearly 11% on Friday after the retail chain announced a couple of high-level resignations.

What Happened: Shoppers Stop said Venugopal G Nair was stepping down as CEO and managing director of the company due to personal reasons, the company said in an exchange filing.

Kavindra Mishra, who held the position of chief commercial officer and CEO of the Homestop brand, will now take over as CEO of the company. Mishra has previously been the managing director and CEO of House of Anita Dongre. He has also served as managing director at Pepe Jeans India for six years.

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The exit comes exactly a month after the retail chain’s June quarter net profit fell 34% to ₹14.9 crore from a year ago.

As per the latest shareholding data, Tata Mid Cap Growth Fund owns a 1.58% stake in the company.

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Price Action: Shoppers Stop’s share price tanked 10.96% to ₹723.25 in early trade on Friday.

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Posted In: EquitiesMarketsMoversTrading IdeasShoppers Stop