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The announcement was made on Wednesday (February 19).
Banerjee’s appointment comes at a critical time for Cyient, which has been grappling with uncertainty since the unexpected resignation of former CEO Karthikeyan Natarajan on January 23.
The announcement led to about 20% decline in Cyient’s stock, which fell from ₹1,750 levels, driven by investor concerns.Natarajan left after the company posted weak Q3 earnings, with net profit plunging 31% due to slowing growth and rising costs.
With Banerjee at the helm, investors will be keen to see if Cyient can regain momentum and stabilise its market position.Banerjee, who previously served as CEO of digital engineering firm Xoriant, brings extensive experience to the role. The majority of his career—26 years—was spent with HCL Tech’s ER&D business, making him a seasoned leader in the industry.
After the news brokerage house Nuvama retained its ‘hold’ rating on the stock with a target of ₹1,660.
Nuvama said: “We believe his appointment is a step in the right direction for Cyient—to steer the ship amid the chaos it found itself in after the resignation of the earlier CEO. We would be keenly watching out for the new CEO’s strategy, to improve the growth profile of the Cyient DET business.”
Cyient Ltd shares were trading 0.78% lower at ₹1,465 per share at 11.20 am on Thursday, February 20.
The stock has fallen 15.86% in the past month and 24.34% in the last six months.
First Published: Feb 20, 2025 11:27 am IS
