Navin Fluorine shares down 13% after resignation of MD

New Delhi, Sep 29 Shares of Navin Fluorine slumped 13 per cent on Friday after the resignation of the company's Managing Director for personal reasons.

Navin Fluorine was trading at Rs 3791.60 on BSE on Friday.

“Radhesh R. Welling has tendered his resignation as the Managing Director and a Director on the Board of the Company for personal reasons,” the company announced.

His resignation was accepted by the Board of Directors. Welling will be relieved from the services of the Company effective from the close of business hours on December 15. He shall continue to serve the Company to facilitate a smooth transition, the company said.

The Company will induct a senior professional to head the organisation as Managing Director in due course of time.

Vishad P. Mafatlal, Executive Chairman, shall steer the operations of the Company and will be ably assisted by the leadership team, the company said.

The Board places on record its sincere appreciation for the contribution made by Welling during his tenure with the Company and wishes him the very best in his future endeavours.