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Friday, February 3, 2023
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CEO’s resign letter sends Digispice Technologies’ shares down stock market lane

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A resignation letter sparked panic in Digispice Technologies. , The company’s stock lost 12% and the price came down to Rs.26.

Last Friday, the stock of Digispice Technologies, a company related to the IT sector, fell by up to 12 per cent. On the last trading day of the week, the share price fell 9.69% to close at Rs 26.10 on BSE. During the trading, the share price fell to Rs 25.50. So far in the current calendar year, the company’s shares have declined 39.6 per cent against a 7 per cent gain in the Sensex.

Reason for the decline: Actually, Chandrachud Ghosh, Chief Executive Officer (CEO) of Digispice Technologies has resigned from his post. The company told the stock market that Chandrachud Ghosh has resigned from the post on December 8, 2022. Ghosh will complete his notice period by January 31, 2023.

It is an IT-related company, which works in engineering, analytics and automation. The shares of the company trade under ‘B’ category and have T+1 settlement cycle.

Digispice Tech reported revenue of Rs 257 crore in the September quarter, up 18 percent year-on-year from Rs 237 crore in Q2 FY22. Gross margin also marginally improved during the quarter and increased to 46 percent from 43 percent year-on-year.

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