Shares of Britannia Industries Ltd fell 5% after touching a day’s high of Rs 5,952 on 11th November, following a top management reshuffle announced by the company on Monday evening after market hours.

Britannia’s MD & CEO, Varun Berry, has stepped down from his role before his term ends in 2029. The board has accepted his resignation with immediate effect, without a notice period.

The company announced that Rakshit Hargave will take over as CEO and Managing Director from 15th December. Hargave recently resigned from Grasim’s Birla Opus. Until he assumes charge, Britannia’s CFO N Venkataraman will serve as interim CEO.

During Berry’s tenure, Britannia’s revenue rose 2.5 times, margins expanded by over 900 basis points, net profit increased sixfold, and market capitalisation surged 18 times to Rs 1.47 lakh crore as of Monday’s close.

At 3:07 PM, shares of Britannia Industries were trading 3.20% lower at Rs 5,937 on NSE.

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