The tyre-maker re-designated M S Bajaj as the president (commercial) and chief financial officer (CFO) of the company.
Bajaj is currently president (commercial) of Balkrishna Industries. He will take additional responsibility of finance function and is re-designated as "president (commercial) & CFO" of the company.
Bajaj will replace B K Bansal who resigned from his position and was relived with immediate effect. The announcement was made after market hours on Friday, 28 August 2020.
Balkrishna Industries' consolidated net profit dropped 25.6% to Rs 131.56 crore on a 21.4% decline in net sales to Rs 942.61 crore in Q1 June 2020 over Q1 June 2019.
Shares of Balkrishna Industries fell 0.20% to Rs 1,377.50 on BSE. Balkrishna Industries is a tire manufacturing company. The company manufactures off-highway tires used in specialist segments like mining, earthmoving, agriculture and gardening.
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