Eureka Forbes' MD & CEO resigns; stock surges 12% on heavy volumes

Eureka Forbes said the board of directors of the company has accepted the resignation of Marzin R. Shroff as the MD and Chief Executive Officer (Executive Director) of the company

Shares of Eureka Forbes surged 12 per cent to Rs 316.40 on the BSE in Tuesday's intra-day trade amid heavy volumes. At 10:52 AM, the stock of the household appliances was trading 10 per cent higher at Rs 312 as compared to 1.4 per cent rise in the S&P BSE Sensex.

The trading volumes on the counter jumped over 20-fold with 1.04 million equity shares having changed hands, so far, against an average sub 50,000 shares traded on the BSE.

Meanwhile, Eureka Forbes said on June 20, 2022, that the board of directors of the company has accepted the resignation of Marzin R. Shroff as the Managing Director and Chief Executive Officer (Executive Director) of the company.

"The resignation will be effective on such date as mutually decided, and which is expected to be in or around August, 2022," the company said. READ HERE

Marzin R. Shroff will move to a new role as Senior Advisor to both Advent International and Eureka Forbes.

Eureka Forbes is India's leading health and hygiene leader with brands like Aquaguard & Forbes. A former part of the Shapoorji Pallonji Group, and now an Advent International portfolio company, Eureka Forbes' product portfolio encompasses water purification, vacuum cleaning, air purification and home security solutions.

The equity shares of Eureka Forbes (formerly known as Forbes Enviro Solutions) were listed and admitted to dealings on the exchange on March 16, 2022. Eureka Forbes issued 15 fully paid up equity shares of Rs 10 each to the shareholders of Forbes & Company for every 1 fully paid up equity shares of Rs 10 each held by shareholders in Forbes & Company.