Shares of Shoppers Stop slumped as much as 11.5% on Friday, a day after the Indian departmental store operator said its CEO Venugopal Nair resigned due to personal reasons.

The stock was down 11.1% at 721.8 rupees as of 10:11 a.m. IST.

The company promoted Chief Commercial Officer Kavindra Mishra as its new CEO and executive director.

Nair joined Shoppers Stop in the second half of 2020 to lead the company after the pandemic and transform it into an omnichannel retailer.

In April, Nair, known for a varied experience in the retail and apparel industry across South Asia and Europe, was re-appointed as the CEO effective Nov. 6, 2023, for three years.

(Reporting by Rama Venkat in Bengaluru;Editing by Dhanya Ann Thoppil and Sohini Goswami)