Prestige Estates Projects shares fall 6% after CEO Venkata Narayana K steps down

Prestige Estates Projects shares tumbled 6% on Monday, May 13, after the company announced resignation of its CEO Venkata Narayana K and a change in the senior management team.

In a filing to the stock exchanges on Friday, the company said that Venkata Narayana K has resigned from the position of the Chief Executive Officer (CEO) to pursue his personal interests.

Shares of the real estate firm tumbled as much as 6.09% to a low of ₹1,426.95 apiece on the NSE on Monday.

Venkata Narayana K stepped down as the CEO of the company after more than 6 years since he assumed charges in August 2017. Venkata Narayana K also served as the Chief Financial Officer and Company Secretary at Prestige Estates Projected Ltd before becoming the CEO.

Irfan Razack, Chairman and Managing Director of Prestige Estates, said, “Venkat throughout his tenure of over 20 years with the Company played a crucial role in shaping the growth of the company and was an able foil to the Management’s quest for steering the Company to greater heights."

Following the resignation of the CEO, the company also announced a few changes in the senior management team by appointing heads for various business verticals and regional operations. As per the official release, Amit Mor will serve as the CFO while Swaroop Anish has been appointed as the executive director and CEO of the residential segment and business development.

In its business update released on April 8, the company reported its highest ever annual sales amounting to ₹21,040 crore for FY24, registering a 63% year-on-year growth. The company’s sales stood at ₹12,931 crore in FY23.

The company also mentioned in the release that it had achieved record annual collections of ₹11,954 crore for FY24, a growth of 22% YoY from its FY23 collections ₹9,805 crore. The company also achieved its highest ever area sold in FY24, totaling to 20.25 million square feet along with the highest number of units sold, which stood at 10,068.

Prestige Estates Projects shares traded 4.05% lower at ₹1,458 apiece on the NSE at 1:43 pm.