Rallis India Md Vijay Rai Puts In Papers

Rallis India managing director Vijay Rai has resigned from his position, ending his 15 year tenure at the helm of the Tata group company. He has also stepped down from the boards of Rallis' subsidiaries and affiliate companies.

Though no specific reason was available for his resignation, a Tata group spokesperson said that Rai had quit citing "personal reasons". Rai himself could not be reached as he was out of the country. He was involved with the Tata group for over 28 years.

The company was facing a slowdown over the last couple of years due to a persistent recession. Analysts say the 1999-00 will not be any better. The scrip has dropped from around Rs 200 levels in October 1999 to around the Rs 80 levels at present.

 

Even in 1998-99, Rallis turnover remained flat at Rs 1,256.19 crore, increasing by a mere Rs 5 crore. The company's bottomline had jumped to Rs 27.4 crore from Rs 23.03 crore, helped by a Rs 2.84 crore extraordinary income that resulted from sale of investments.

Its fertilisers division had recorded a Rs 75 crore drop in revenues in the fiscal, but was saved by a similar rise in the sale of pesticides.

The company has been trying to improve its operations.