Bajaj Auto on Tuesday said Shekhar Bajaj has tendered his resignation as a non-executive director of the company due to health reasons.
The resignation is with effect from June 30, 2022, the company said in a regulatory filing.
Shekhar Bajaj is the chairman and managing director of Bajaj Electricals since 1994.
Meanwhile, the stock of Bajaj Auto on Tuesday declined by 5% after the company said its board has deferred a decision on its proposed share buyback.
Shares of the company tanked 5.06% to settle at ₹3,684.40 apiece on the BSE. During the day, it tumbled 7.13% to ₹3,603.75.
On the NSE, it declined 4.82% to end at ₹3,693.95 apiece.
The board of directors of the company, at its meeting held on Tuesday, has decided that “further deliberations are required in order to take a decision on the proposal of buyback, and accordingly deferred the matter”, Bajaj Auto said in a regulatory filing.
On June 9, the company had informed stock exchanges that its board would consider a proposal for buyback of fully paid-up equity shares at a meeting to be held on Tuesday.
