Nibe Plunges Nearly 3% as CEO Resigns Ahead of Key Defence Technology Showcase
Shares of defence and aerospace manufacturer Nibe Ltd witnessed a decline in morning trade after the company announced the resignation of its Chief Executive Officer and Key Managerial Personnel, Prakash Hari Khose. The stock was trading at Rs 1,610, reflecting a drop of 2.79% following the news release on Monday.Market Reaction to CEO Resignation
The abrupt departure of Mr. Khose led to a sharp sell-off in the equity market. Nibe Ltd announced that the resignation of its CEO and Key Managerial Personnel was directly related to personal reasons, as stated in the official exchange filing. This news immediately put pressure on investors holding shares in the defence technology sector.Details of Prakash Hari Khose's Departure
The company confirmed that Mr. Khose’s resignation would take effect from the close of business hours on June 25, 2026. Nibe stated under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, that the CEO had confirmed there were no material reasons for his stepping down beyond those specified in the resignation letter.Company Context: Garudastra System Trials
The executive change occurred shortly after Nibe demonstrated significant advancements in its defence capabilities. On June 17, a Pune-based company showcased its long range 120mm vehicle-mounted mortar system, known as Garudastra, to the Indian Army.The demonstration took place during a no-cost-no-commitment evaluation at the Infantry School located in Mhow. Nibe noted that these trials highlighted the system's rapid deployment capability and precision-strike features. The Garudastra system utilizes GPS and laser-guided munitions while maintaining a high rate of fire and Multiple Rounds Simultaneous Impact (MRSI) capability.
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