On September 28, shares of Supriya Lifescience came under selling pressure after the company’s CEO offered to step down, shortly after the board announced his successor.

“You are informed that the company’s CEO and key managerial personnel, Shireesh Ambhaikar, has resigned from the post due to his reasons and requests. His resignation has been approved by the Board in its meeting held today i.e., September 27, 2022, and relieved by September 30, 2022,” the company said in a regulatory filing.

The company added that Ambhaikar has agreed to extend his services for two years from October 1, 2022, when he will be designated as technical lead for certain projects at Supriya Lifescience to ensure timely execution, knowledge transfer and a smooth transition to his successor.

The board also approved the appointment of Rajeev Kumar Jain as the company’s CEO and Key Managerial Personnel, who will join on October 3, 2022.

Jain is a seasoned professional with over 35 years of experience in manufacturing, general management and operations, having worked for well-known companies in the API business, the company said.

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At 2:00 pm, the BSE was trading at Rs 303.00 per share, down 5.74%, while the benchmark Sensex was down 187.77 points, or 0.33%, at 56,919.75.