Indiabulls Real Estate tumbled 5.75% to Rs 57.40 after Mehul Johnson, managing director (MD) and key managerial personnel of the company resigned with effect from today, due to his personal reasons & existing commitments.
However, the company said that to facilitate smooth transition of Johnson's erstwhile responsibilities as a managing director, at the request of the board, he will continue as non-executive, non-independent director of the company till 31 March 2023.Meanwhile, the board appointed Sachin Chittaranjan Shah who is presently the president of the company, as an additional director designated as executive director, of the company, for a period of five years effective from 27 February 2023.
Shah has an experience of 20 years with real estate industry. Before joining the company, he was associated with a leading commercial REIT for three years as its chief information officer (CIO).
Indiabulls Real Estate is engaged in the development of real estate projects and allied activities.
The company reported a consolidated net loss of Rs 236.98 crore in Q3 FY23 as against Rs 87.22 crore in Q3 FY22. Net sales declined 58.8% YoY to Rs 133 crore in Q3 FY23.
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