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Future Consumer slumps after CEO resigns

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Future Consumer hit a lower circuit of 5% at 8.66 after Rajnikant Sabnavis resigned as the chief executive officer (CEO) of the company, effective from 27 November 2020.

Consequently, Sabnavis shall also cease to be a key managerial personnel of the company, the company disclosed after market hours yesterday, 25 November 2020.

On a consolidated basis, Future Consumer reported a net loss of Rs 146.84 crore in Q2 September 2020 compared to a net loss of Rs 16.76 crore in Q2 September 2019. Net sales slumped 78.7% to Rs 238.88 crore in Q2 September 2020 over Q2 September 2019.

Future Consumer is engaged in branding, marketing, sourcing, manufacturing and distribution of fast-moving consumer goods, food and processed food products.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

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First Published: Thu, November 26 2020. 10:05 IST