Cairn India CEO Sudhir Mathur and CFO Pankaj Kalra have resigned from the firm, according to sources in the know of the development. Ajay Dixit, who was CEO of the Aluminum and Power divisions of Vedanta, will take over from Mr. Mathur in the interim, after his exit.

A Vedanta spokesperson, in an email reply to The Hindu, said, “... these movements are unconnected and have been spread over a period.” Mr. Mathur is the fourth CEO to quit the firm after it was acquired by Vedanta in 2011.

Rahul Dhir, Cairn India’s first CEO since the time of listing, quit the company in August 2012. His successor P. Elango resigned in May 2014, while the third CEO Mayank Ashar resigned in May 2016.

Vedanta shares on the BSEdeclined 3.72% to close at ₹181.30 in an almost flat Mumbai market on Thursday.