Patel Engineering share price tanks over 11% after Chairman & MD Rupen Patel passes away

Patel Engineering share price crashed over 11% on Monday after the company’s Chairman and Managing Director Rupen Patel passed away.

Rupen Patel passed away at the age of 57 on late hours of Friday, July 5, Patel Engineering informed in a regulatory filing.

Patel was re-appointed as Chairman & Managing Director of the company effective from April 1, 2024 and played crucial leadership roles through which the Company immensely benefited, the company added.

Meanwhile, the company announced the appointment of his wife Janky Patel as an Additional Director/ Non-Executive Director, to be designated as “Chairperson” of the Company effective from July 6, 2024.

It also announced the appointment of Kavita Shirvaikar as an Acting Managing Director of the Company effective from July 6. She stepped down from the position of CFO.

Rahul Agarwal is appointed as an Acting Chief Financial Officer of the company.

Patel Engineering share price has rallied more than 75% in the past one year and has delivered multibagger returns of over 243% in three years.

At 9:30 am, Patel Engineering shares were trading 10.91% lower at ₹61.50 apiece on the BSE.