Shares of one of the companies on the Indian stock market significantly declined after its chairman resigned. This concerns Coforge, whose shares lost over 8% of their value. This pressure is linked to the fact that Chairman and Independent Director Om Prakash Bhatt stepped down before the end of his term.
Following this, investors panicked and began selling shares en masse, leading to the largest single-day drop since April 2025. On the BSE, the stock is trading down by 5%, reaching ₹1845.00, while during the day it dropped to ₹1,780.10, representing an 8.67% decline.
Om Prakash Bhatt's term was supposed to extend until April 2027, but he left the position approximately seven months earlier. The resignation occurred while the board of directors was conducting an internal audit. During this audit, it was revealed that all information related to the chairman had not been submitted to the BER.
The board of directors requested clarifications from Om Prakash Bhatt and began reviewing them, but before the process was completed, he resigned. The company has not yet disclosed what specific information remained unpublished. Nevertheless, Om Prakash Bhatt stated that he would not be better off remaining on the board during the board's evaluation process. He cited this as the main reason for his resignation. It is worth noting that Om Prakash Bhatt previously served as the chairman of SBI and was appointed as the chairman of Coforge in 2024.
In the last month, the company's shares have risen by more than 5%. Over three months, there has been a growth of 30%, and over six months—more than 63%. In March, the share price was around 1100 rupees, and now it has reached 1857 rupees, indicating an overall growth of 72% during this period.
