Shares of Orient Electric Ltd closed over 5% lower today after the electrical goods maker made a major leadership change on March 31, 2023.
The company said it has appointed Rajan Gupta as additional director and the Managing Director & Chief Executive Officer for five years effective from April 4, 2023, on the recommendation of the Nomination and Remuneration Committee, subject to the approval of the shareholders of the company.
Rajan Gupta is not debarred from holding the office of director by virtue of any order of the SEBI or any other such authority, it said.
Gupta will take over the top post from Rakesh Khanna who resigned as a director and from the position of Managing Director & Chief Executive Officer of the company, effective from the close of business hours on April 3, 2023.
In the current session, the stock plunged 6.66% intraday to Rs 252.35 against the previous close of Rs 270.35 on BSE. The stock opened 3% lower at Rs 262.25 today against the previous close of Rs 270.35 on BSE. Later, it closed 5.31% lower at Rs 256.
The stock has lost 20.6% in one year and declined 3.12% in 2023. Total 0.25 lakh shares of the firm changed hands amounting to a turnover of Rs 65.05 lakh on BSE. Market cap of the firm fell to Rs 5,447.31 crore on BSE.
In terms of technicals, the relative strength index (RSI) of the stock stands at 50.9, signaling it’s trading neither in overbought nor in oversold zone. Orient Electric shares have a beta of 0.2, indicating very low volatility in a year. Orient Electric shares are trading lower than the 5-day, 20-day, 50-day, 100-day and 200-day moving averages.
Orient Electric Limited is an electrical solutions company. The company is primarily engaged in manufacture/purchase and sale of electrical consumer durables, lighting and switchgear products. The company has manufacturing facilities at Faridabad, Noida and Kolkata. The Company operates through two segments: Electrical Consumer Durables and Lighting and Switchgear.
Also read: Despite high promoter pledge, this textile stock zoomed 100% in two months
Also read: KPIT Tech shares recover post 18% selloff. JPMorgan says Tata Technologies IPO, slow growth key derating catalysts
