Overview
- Grasim’s board accepted Hargave’s resignation from Birla Opus with his exit effective at close of business on December 5, citing his decision to pursue opportunities outside the company.
- Britannia appointed Hargave as Executive Director and CEO for a five-year term effective on his joining date of December 15, subject to shareholder approval.
- Grasim shares fell roughly 6% after the announcement, while Britannia gained between 2% and 5% as investors reacted to the leadership shift.
- Citi raised its target price on Grasim and brokerages including Jefferies and Morgan Stanley kept positive views, though they flagged the exit as a negative surprise that could temper near-term sentiment.
- Company statements credit Hargave with launching and scaling Birla Opus, including six integrated plants and a nationwide distribution build-out to over 10,000 towns across nearly 1,750 SKUs.