Shares of Shoppers Stop are down 11% at Rs 722.90. The stock has now given up all the gains made in 2023 so far. This is the biggest single-day drop for the company in over three years.
Nair's resignation will be effective from closing of business hours on August 31. In response, the company has promoted its CCO and CEO of Homestop - Kavindra Mishra as its new MD & CEO.
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