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HomeMarket NewsCipla shares nosedive after Umang Vohra says not seeking reappointment as MD & CEO
The news marks the end of a decade-long stint for Vohra at the helm of Cipla. He has been MD & Global CEO at the company since 2016. He had joined Cipla in 2015 as Global CFO and strategy officer.
Shares of Cipla nosedived on Thursday, October 30, after the company informed the exchanges that MD & Global CEO Umang Vohra has expressed intentions to not seek reappointment at the helm of affairs of the drugmaker.
As a result, Achin Gupta, the company's Global Chief Operating Officer (COO) has been appointed as the new MD & CEO starting April 1, 2026. Gupta's term will be for a five-year period.
The appointment of Gupta as MD & CEO is subject to approval from shareholders.
The news marks the end of a decade-long stint for Vohra at the helm of Cipla. He has been MD & Global CEO at the company since 2016. He had joined Cipla in 2015 as Global CFO and strategy officer.
“My ten years at Cipla has been filled with immense pride in what we’ve built together. Guided by our purpose of Caring for Life, I have had the privilege of working with passionate teams who consistently put patients first and drive innovation across the business," Vohra said in a statement. He added that he remains committed to a smooth transition.
Vohra's announcement came after Cipla reported its results for the quarter ended September 30. The company's US sales turned out to be better than what majority analysts had anticipated, but most of the other parameters, including margins, were in-line with expectations.
Shares of Cipla, which fell as much as 4% after Vohra's announcement, are marginally off the lows of the day, currently trading 2.8% lower at ₹1,540. The stock had recovered after its US sales turned out to be better than expectations.
