BackAditya Birla Nuvo appoints Lalit Naik as new managing director
Naik, whose appointment will be subject to shareholder approval, will replace Rakesh Jain as his term expires on 30 June
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Mumbai: Kumar Mangalam Birla-controlled Aditya Birla Nuvo Ltd (ABNL) has appointed Lalit Naik as managing director with effect from 1 July, the company said on Thursday.
Naik will replace Rakesh Jain whose term expires on 30 June. The appointment will be subject to shareholder approval.
Naik currently heads the chemicals, fertilisers and insulator businesses of the Aditya Birla Group and is the deputy managing director of ABNL since January 2013, according to the company website.
In May, ABNL reported an 11% drop in fourth quarter profit, mainly on account of higher tax and finance expenses.
The announcement was made after trading ended for the day.
Shares of ABNL lost 0.92% to close at ₹ 1,351.70 per share on Thursday, while the benchmark index Sensex lost 0.99% to close at 25,062.67 points.
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