Shares of Brightcom Group fell 5% after the company announced leadership changes.
According to a regulatory filing made on Sunday, Brightcom’s board has accepted the resignations of its chairman and managing director (CMD), Suresh Reddy, and its chief financial officer (CFO), Narayana Raju. A transition leadership team has also been suggested by the corporation to manage the leadership transition procedure.
Shares of Brightcom have decreased by around 21% over the last month. On July 31, the shares were trading at Rs 25.05 per share on the BSE.
The board also permits the start of a search for a CEO and an executive, CFO to make sure that crucial operations continue without a hitch.
The board of Brightcom recognizes the importance of regulatory compliance. It was said that during this transitional phase, steps will be taken to interact with pertinent regulatory organizations and guarantee compliance with all applicable legislation.