India's Crompton Greaves sinks to over 2-1/2-yr low on CEO change

CG Power and Industrial Solutions

25/04/2023 05:50

** Shares of Indian consumer electric co Crompton Greaves
Consumer Electricals  CROP.NS  fall as much as 14.2% to 252.35
rupees, lowest since Sept. 29, 2020
    ** Co says Mathew Job resigned as CEO, names Promeet Ghosh
as new managing director and CEO 
    ** Ghosh will take over from May 1, has been on co's board
since 2016 - CROP 
    ** Co also names Shantanu Khosla as executive vice
president, he will advise new CEO
    ** Job joined CROP as CEO in Sept. 2015 and co's revenue
rose 56%, while net profit doubled during his tenure
    ** CEO change comes at a time when CROP is working towards
integration with Butterfly Gandhimathi Appliances  BUTT.NS ,
which it bought in 2022
    ** Butterfly shares down 6.1%
    ** About 15.6 mln CROP shares change hands, ~8x 30day avg
    ** Thirty-four of 39 analysts rate stock "buy" or above; 2
"sell" or below; 3 "hold"; media PT 373 rupees
    ** CROP shares down 22.6% YTD, while Butterfly shares have
lost 29.6%


 (Reporting by Nallur Sethuraman in Bengaluru)
 ((Sethuraman.NR@thomsonreuters.com; (+91 8061822737); Reuters
Messaging: nallur.sethuraman.thomsonreuters.com@reuters.net))