Neville Noronha, managing director and chief executive officer of Avenue Supermarts, which houses the brand DMart, announced on Saturday that he would not be extending his contract.
Under Noronha’s leadership, Avenue Supermarts, one of India’s largest hypermarket and supermarket chains, has seen its market capitalisation soar to Rs 2.39 trillion from Rs 39,988 crore at its listing in 2017. He has been instrumental in transforming DMart from a company with just five stores to one with over 380 outlets.
The stock price of the company, which went public in FY17, more than doubled from the issue price. During his tenure,