Sun Pharma Advanced Research Company (SPARC) share price added nearly 5 percent intraday on May 26. The company's managing director (MD) Dilip Shanghvi has resigned with immediate effect.
"Dilip Shanghvi expressed his desire to step down and tendered his resignation as the managing director of the company with immediate effect, which was accepted by the board as recommended by the nomination & remuneration committee," company said in a release.
Dilip Shanghvi will continue to be associated with the board in his capacity as a non-executive director and chairman of the company, it added.
The board has appointed Anil Raghavan, as a chief executive officer (CEO) and whole time key managerial personnel of the company with immediate effect, for a term of five years i.e upto May 24, 2026, subject to approval of members in a general meeting of the company.
At 09:43 hrs Sun Pharma Advanced Research Company was quoting at Rs 235.55, up Rs 6.75, or 2.95 percent on the BSE.
The share touched a 52-week high of Rs 248 and a 52-week low of Rs 126.00 on 12 May, 2021 and 27 May, 2020, respectively.
Currently, it is trading 5.02 percent below its 52-week high and 86.94 percent above its 52-week low.