Companies

Hindustan Motors MD Jha resigns

Manoj Jha, Managing Director of the ailing Hindustan Motors, has stepped down even as the company turned in a dismal third quarter results with a loss of Rs.42.90 crore against a profit of Rs.15.80 crore in the same period in 2010. The losses are nearly double the Rs.22.40 crore loss reported by the company in the second quarter of 2011-12. Net loss for the nine months ended December 31, 2011, amounted to Rs.48 crore. The company said that Mr. Jha had resigned and the board had accepted his resignation and he had ceased to be the MD from the close of business hours of January 31. The company offered no explanation for this sudden development. Mr. Jha was not available for comments. Mr. Jha was appointed MD on May 19, 2010, on a five-year term following the resignation of Raju Santhanam. Net sales in the quarter under review were Rs.98.70 crore against Rs.151.80 crore in the same quarter a year ago. The have been affected due to adverse exchange rate of U.S. dollar versus the Japanese yen.

Recommended for you
This article is closed for comments.
Please Email the Editor

Printable version | Oct 1, 2020 5:34:58 PM | https://www.thehindu.com/business/companies/Hindustan-Motors-MD-Jha-resigns/article13388616.ece

Next Story