Shares of Mangalore Chemicals and Fertilizers surged over 9 per cent today after Vijay Mallya resigned as a director of the company.
After surging 19.97 per cent to Rs 97.90 in intra-day session, shares of MCFL finally ended at Rs 89.25, up 9.38 per cent from previous close on the BSE.
At the NSE, the stock closed 7.66 per cent higher at Rs 89.25.
The company’s market valuation rose by Rs 90.75 crore to Rs 1,057.75 crore. About 2.98 lakh shares of the company changed hands at the BSE, while more than 10 lakh shares were traded at the NSE during the day.
As UB Group continues to face growing shareholder activism, its Chairman Vijay Mallya today resigned as a director of group entity MCFL without assigning any reasons.
“Dr Vijay Mallya, a Director on the Board of Directors of the company, has resigned with immediate effect,” MCFL said in a filing to stock exchanges.
There was no reason given for the resignation, which came within days of minority shareholders of United Spirits rejecting 9 out of 12 resolutions, including those pertaining to pacts with entities connected to erstwhile promoter Mallya.