Tata Comm slips 4% after CEO Vinod Kumar resigns, pares losses later

Kumar's resignation will be effective from the close of business hours on 5 July, 2019

Tata Communication shares dipped 4 per cent to Rs 455 apiece on the BSE during the early morning trade on Wednesday after the firm’s managing director and chief executive officer (MD & CEO), Vinod Kumar, resigned citing personal reason. The stock was quoting close to its 52-week low of Rs 436 touched on October 26, 2018 on the BSE in intra-day trade.
 

“Vinod Kumar has submitted his resignation as the managing director & group CEO of the company, and as a director of the company and its associated companies for personal reasons,” Tata Communication said in a regulatory filing.
 

Kumar, whose term was to end on January 31, 2021, was also relived from his duties as the director of the group companies. 
 

“His resignation will be effective from the close of business hours on 5 July, 2019,” the filing said. He has joined Tata Communications in April 2004.

At 10:22 am, the scrip erased its entire early morning losses and was trading 2 per cent higher at Rs 484 apiece. In comparison, the S&P BSE Sensex was trading 0.02 per cent higher on the BSE. A combined 2,37,806 shares changed hands on the counter on the BSE and NSE so far.