Nibe Ltd announced the resignation of its Chief Executive Officer and Key Managerial Personnel, Prakash Hari Khose, effective from the close of business hours on June 25, 2026. According to the company's exchange filing, Khose resigned due to personal reasons, with the resignation letter placed on record under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The company confirmed that there are no material reasons for his resignation other than those stated in his resignation letter.
The leadership change had an immediate impact on market sentiment, with shares of Nibe Ltd falling nearly 3% in morning trade on Monday. The stock was trading at ₹1,610, down 2.79% following the announcement. The market reaction reflects investor concerns about the timing and implications of the CEO's departure from the defence and aerospace manufacturer.
The resignation announcement comes days after the Pune-based company demonstrated its long-range 120mm vehicle-mounted mortar system, Garudastra, to the Indian Army during a no-cost-no-commitment evaluation at the Infantry School in Mhow on June 17. As reported by the company, the trials showcased the system's rapid deployment, high rate of fire, Multiple Rounds Simultaneous Impact (MRSI) capability, and precision-strike capability using GPS and laser-guided munitions.
Nibe disclosed the CEO's resignation under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, ensuring proper regulatory compliance with disclosure requirements for material events affecting the company. The resignation letter has been placed on record as part of the filing, providing transparency to stakeholders and regulatory authorities regarding the leadership transition.
