Vedanta, renowned as India’s foremost diversified natural resources conglomerate, saw its stock price surge by 2% in early trading on a Wednesday, reaching a share value of 219.40. This upward momentum followed a significant announcement made by the company in an exchange filing the preceding Tuesday. The company revealed its decision to appoint Ajay Goel as the new Chief Financial Officer (CFO) and Key Managerial Personnel (KMP), effective as of October 30, 2023. Ajay Goel’s appointment comes as a result of the resignation of Sonal Shrivastava, who served as the CFO and KMP. Her resignation became effective at the close of business hours on October 24, 2023, and it was attributed to personal reasons.
Goel had stepped away from his previous role at Vedanta earlier in the year to embark on a venture with BYJU’s in the education sector. However, he chose to depart from this new endeavor after just six months.
“As part of Vedanta’s structured re-hiring program called ‘Gharwapsi’, Mr Ajay Goel joins back the Company. Ajay was earlier associated with Vedanta as acting CFO & KMP of the Company from October 23, 2021, to April 09, 2023. During his earlier role at Vedanta, Ajay contributed significantly in terms of driving business performance, managing the financial affairs of the company, and heading the finance function with his leadership acumen. He was also instrumental in successfully handling regulatory approvals, investment matters, capital allocation, investor relations, and major M&A-related affairs,” the company said in an exchange filing.
The increase in the company’s stock price after they announced that Ajay Goel would be the new financial leader is a sign that investors are happy about this decision. People think it’s a good move to have an experienced finance expert in charge, especially when the economy is changing, and there are challenges in production.
