The shares of Patel Engineering were a victim of more than 11 percent drop that occurred at the funeral of the Chairman and MD of the firm Rupen Patel.


Patel Engineering’s Promoter and Chairman cum Managing Director Rupen Patel passed away in the last week of June, more specifically, July 5/6, 2024, stated the company in its filing to the stock exchanges.

 

Rupen Patel being the Chairman and Managing Director of Patel Engineering has culminated his tenure and this thing has affected the share price of the firm, which had touched the lowest by declining by 11% on Monday.

Rupen Patel died at the age of 57 on the late Friday, July 5, stated Patel Engineering filing with the stock exchanges.

Subsequently, Patel was re-appointed by the Board as the Chairman & Managing Director of the company from 01. 04. 2024 and undertook several leadership positions that greatly benefited the Company as recorded by the company.

On the other hand, the company also enlighten the shareholders and bourse of the appointment of Janky Patel as Additional Director / Non-Executive Director to be titled as the “Chairperson” from July 6, 2024.

Kavita Shirvaikar was also proposed as an Acting Managing Director of the Company from July, 6. Investor: she needed to let go of the position of CFO.

A company currently does not have a full time CFO but there is an Acting CFO currently working for the company and his name is Rahul Agarwal.

Presently, a share of Patel Engineering is costing around Rs. 45 compared to around Rs. 24 a year back and compared to around Rs. 11 three years back has given multibagger returns of more than 243%.

At 9:at 30 am Patel Engineering shares were down by 10 as a result of the companies poor liquidity ratios. 91% lower at ₹61. Similarly, the HEX, which initially had 50 shares each in Tata Steel and Jindal Steel thus reducing the value of Tata Steel by 25+ and the BSE comprising the same elements.

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