Repco Home shares drop over 2% on CFO resignation; up 28% in 3 months

Repco Home share slips: Shares of Repco Home fell as much as 2.45 per cent to hit an intraday low of Rs 526.35 per share on Tuesday, June 11. 

The fall came after the company announced that K Lakshmi tendered her resignation as chief financial officer (CFO).

In an exchange filing, Repco Home said, “This is to hereby inform you that K Lakshmi has tendered her resignation as chief financial officer of the company vide letter dated June 10, 2024 due to personal reasons as indicated in her resignation letter enclosed herewith as Annexure-1.”

The date of relieving, Repco Home said, will be intimated subsequently once mutually agreed.  

In her resignation letter, Lakshmi said, “For personal reasons, I hereby submit my resignation as chief financial officer of the company. I would like to thank the company's management and the board for the valuable knowledge and learnings imparted during my stint. Wishing the best for the company and its growth. Kindly accept my resignation and relieve me from my services on or before September 6, 2024.”

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Set up in 2000, Repco Home is a financial institution specialising in housing loans. Its services include a wide range of financial solutions for various housing needs. These include loans for purchasing or constructing homes, financing home repairs, renovations, or extensions, acquiring plots for house construction, facilitating loans for non-resident Indians interested in property investment in India, and providing loans against immovable property. Additionally, Repco Home extends its financial assistance to non-residential and commercial property ventures.
 

The company's scope also extends to offering loans for integrated buildings, incorporating both residential and commercial spaces, as well as providing home loans specifically tailored for salaried individuals. Furthermore, it caters to unique scenarios such as offering loans for construction on land owned by the borrower's parents.
 

Operating primarily in states like Tamil Nadu, Karnataka, Andhra Pradesh, Telangana, Kerala, Maharashtra, Odisha, West Bengal, Gujarat, Madhya Pradesh, Jharkhand, Rajasthan, and the Union Territory of Puducherry, Repco Home has its headquarters situated in Chennai, India.
 

The market capitalisation of Repco Home is Rs 3,318.57 crore, according to Bombay Stock Exchange (BSE).

The 52-week high of the stock is Rs 549.95 per share while its 52-week low is Rs 526.35 per share. 

At 11:17 AM, shares of Repco Home were trading 1.70 per cent lower at Rs 530.45 per share. By comparison, BSE Sensex was trading 0.28 per cent higher at 76,702.80 levels.