Stock to Watch: Key personnel of this multibagger resigns, would the stock face heat or not?
The stock gave multibagger returns of 626.74 per cent in just 1 year whereas BSE Small-cap Index is up by 17.70 per cent.
Nibe Ltd informed that Mr. Aditya Shirish Joshi (DIN: 02769435), Non-Executive - Independent Director has tendered their resignation from the Board of Directors of the Company with effect from June 01, 2023, we enclose herewith a copy of the resignation letter submitted by Mr. Aditya Shirish Joshi (DIN: 02769435) to the Board of the Company along with confirmation required under 7(B) of Part A of Schedule III of SEBI (LODR) Regulation, 2015.
Resignation of Mr. Aditya Shirish Joshi:
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Particulars
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Mr. Aditya Shirish Joshi (DIN:02769435)
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Reason for resignation
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The Independent Director, considering his long tenure on the Company’s Board and due to other personal commitments, has now, have voluntarily relinquished his position as Board member with effect from June 01, 2023. There are no other material reasons.
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Date of resignation
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With effect from June 01, 2023.
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Brief profile
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Not applicable
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Names of the listed entities in which the resigning directors holds directorship and membership of board committees, if any
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Nil
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Incorporated in 2005. Nibe Ltd (formerly known as Kavita Fabrics Limited) has a market cap of Rs 440.70 crore. It is in the business of manufacturing critical components for defence, e-vehicles and software development.
The company reported excellent results in both quarterly and annual financial statements. The stock gave multibagger returns of 626.74 per cent in just 1 year whereas BSE Small-Cap Index is up by 17.70 per cent.
On Friday, shares of Nibe Ltd plunged 1.26 per cent to Rs 371 per share from its previous closing of Rs 375.75. Investors should keep an eye on this small-cap stock.