Mahindra & Mahindra shares fall after auto firm announced rejig of top management with Anand Mahindra

Shares of Mahindra & Mahindra (M&M) on Friday fell by nearly 1 per cent on the bourses. M&M on Friday announced a rejig of its top management with Anand Mahindra, 64, transitioning to the role of non-executive chairman from executive chairman, effective April 1, 2020. The scrip declined 0.79 per cent to close at Rs 530.80 on the BSE. During the day, it dipped 1.25 per cent to Rs 528.35. At the NSE, it fell 0.85 per cent to close at Rs 530.80.

In a statement, the firm said Pawan Kumar Goenka has been re-appointed as the managing director with additional responsibilities of chief executive officer (CEO) for a year, effective April 1, 2020. Anand Mahindra had taken over as the Chairman of the USD 20.7 billion group, which has presence in sectors ranging from farm equipment to software and aerospace, in August 2012 following the retirement of his uncle Keshub Mahindra after leading the conglomerate for 45 years.

In other top management changes, M&M said Anish Shah will transition to become Managing Director and CEO on April 2, 2021, replacing Goenka, who will retire after his term ends.