On Friday, Patel Engineering announced the passing away of Rupen Patel, promoter/ chairman & managing director. But it also announced that its board had approved several appointments as an ad hoc arrangement for seamless functioning of the company.

Firstly, it announced appointment of Janky Patel, wife of Rupen Patel, as an additional director/non-executive director, to be designated as chairperson of the company effective from 6 July 2024 for a period of 3 years.

It also appointed Kavita Shirvaikar, former CFO of the company, as an acting managing director of the company effective from 6 July 2024.

The Board also appointed Rahul Agarwal as an acting CFO of the company effective from 6 July 2024. 

The market is naturally perturbed with this change of guard and the stock has been the top loser on the BSE since the opening bell today. The stock price fell over 12% to hit an intraday low at Rs.60.67 with more sellers than buyers on the counter.