India's Stove Kraft slips 3.6% after CEO says intend to resign

Stove Kraft

12/01/2023 06:24

** Shares of cooking appliance maker Stove Kraft Ltd  STOE.NS 
slide as much as 3.6% to 507.25 rupees at lowest level since
Jan. 2
    ** Pigeon and Gilma brands owner said CEO Rajiv Nitin Mehta
conveyed his intent to resign 
    ** Rajiv Mehta had been at the co's helm since Oct. 2019
    ** Stock has been below its 50-day, 100-day, and 200-day
simple moving avgs since Dec. 6 indicating bearish sentiment
    ** Nearly 185,000 shares traded as of 11:20 am IST, slightly
above its 30-day moving average
    ** Stock fell 47.9% last year after a 95.3% surge in 2021
from its IPO launch on Feb. 5, 2021
 (Reporting by Varun Vyas in Bengaluru)
 ((varunvyas.hebbalalu@thomsonreuters.com;))