NIIT, one of the leading skills and talent development companies in India saw its share fall by 11 per cent following the resignation of CEO Rahul Keshav Patwardhan. Shares of NIIT were trading at Rs.78.10 at 2:00 pm, a drop of 5.8 per cent.
Shares fell to a low of Rs.73.80, before recovering slightly. The organisation has named Sapnesh Lalla as the replacement to Patwardhan. Lalla, who is the head of Global Corporate Business at NIIT will take over as CEO from August 1, 2017.
Over 4.6 million shares of NIIT traded following news of Patwardhan stepping down. Patwardhan, who took over as CEO of NIIT on April 1, 2015 submitted his resignation owing to personal reasons. He has requested to be relieved of his duties by July 31 this year.
Patwardhan has spent a major portion of his career at NIIT, joining the company in 1984 as a product engineer.