Britannia Shares Slide Nearly 7% as MD & CEO Varun Berry Steps Down
NEW DELHI: Shares of Britannia Industries Ltd tumbled nearly 7 per cent on Tuesday after the company announced the resignation of its Vice-Chairman, Managing Director, and Chief Executive Officer Varun Berry, who has led the firm for over a decade.
Britannia’s stock fell 6.7 per cent to ₹5,721.70 on the BSE and ₹5,723 on the NSE. The broader market also weakened, with the BSE Sensex dropping 320.54 points (0.38%) to 83,214.81, and the NSE Nifty slipping 99 points (0.39%) to 25,475.35.
In a regulatory filing, the company said it has appointed Rakshit Hargave as the new Managing Director and CEO, effective December 15, 2025. Hargave previously served as CEO of Birla Opus, the paints division of Grasim Industries under the Aditya Birla Group.
Until Hargave assumes charge, N. Venkataraman, Executive Director and Chief Financial Officer, will take on additional responsibilities as interim CEO, the company said.
Berry tendered his resignation and offered to serve the notice period as per his contract; however, the board accepted his resignation and waived the notice requirement, making it effective from the close of business hours on November 10, 2025.
Having joined Britannia in 2013, Berry was elevated to the top role in May 2025. His departure comes shortly after the board, in a meeting on November 5, outlined new strategic priorities aimed at transforming Britannia into a global total foods company.
These priorities include boosting innovation and diversification, tackling regional competition through cost efficiencies, improving profitability via revenue growth and market share gains, and expanding adjacency businesses and international operations.
“The Board is confident that the management team under the new leadership will steer the company to greater heights,” Britannia Industries said in a statement.
