During Monday's intraday trading, the price of Patel Engineering's shares fell by 12.11%. Parel Engineering stock fell by 0.12% on the BSE at 12:40 PM, compared to an intraday low of Rs 60.67 per share on the BSE.
The sudden death of Patel Engineering's chairman and managing director, Rupen Patel, in the late hours of Friday, July 5, 2024, caused a decline in the company's stock price. With effect from April 1, 2024, Patel was reappointed as the CMD.
"He had played crucial leadership roles through which the company immensely benefited," Patel Engineering said in its statement.
One of the top Indian conglomerates providing integrated infrastructure and construction services is Patel Engineering. From hydroelectric projects to irrigation projects, from refineries to highways, bridges, railroads, and townships, the company has experience in every facet of the infrastructure industry.
Concurrently, the Patel Engineering Board has authorized Janky Patels appointment as a non-executive director and additional director. With effect from July 6, 2024, Patel will hold the title of chairperson of the company.
In addition, as of July 6, 2024, Patel Engineering has designated Kavita Shirvaikar as the acting managing director of the company. She is no longer serving as the chief financial officer (CFO).