HEG stock declined 5% on Tuesday, September 15, trading at ₹225.35 compared with the previous close of ₹237.20 on NSE. According to reports from Essential Business Intelligence, this latest decline extends the stock's sharp fall since the company's demerger took effect on September 1. The stock has plunged 67.5% since September 1, representing a significant decline from its demerger-day price of ₹729.90.
The demerger became effective on September 1, with September 7 fixed as the record date for shareholder entitlement. As reported by Essential Business Intelligence, eligible shareholders received one fully paid-up equity share of the resulting company for every one equity share held in HEG. Under the new structure, the graphite electrodes business moved into HEG Graphite Limited, which is proposed to be renamed HEG Limited and operate as a separately listed pure-play graphite electrodes company. The existing listed entity retained the advanced materials, battery energy solutions and green power businesses and is proposed to be renamed HEG Advanced Materials Limited.
On September 14, HEG Advanced Materials disclosed that Salil Bawa had resigned as President - Investor Relation and from the company's senior management personnel. According to Essential Business Intelligence, Bawa submitted his resignation by email on September 12, 2026, which was accepted by the company on September 14, 2026. In his resignation email, Bawa described it as a 'painful and very difficult decision' and thanked the management for its mentorship, guidance, and the opportunity. The company waived his remaining notice-period obligation, making the closing hours of September 14 his last working day and effective date of separation. The resignation was communicated in accordance with Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
On NSE, HEG shares were at ₹729.90 on September 1 and ₹728.25 on September 4, as reported by Essential Business Intelligence. The stock then fell to ₹272.20 on September 7, ₹237.20 on September 11, and finally trading at ₹225.35 around 11:29 am on Tuesday. Currently, the stock is trading at a price-to-earnings multiple of 12.76 times, with a market cap of ₹4,348.7 crore.
