CG Power jumps 5% as CEO resigns from all subsidiary positions

NEW DELHI: Shares of fraud-hit CG Power climbed 5 per cent in Wednesday’s trade after Chief Executive Officer KN Neelkant resigned from all the positions he held in the company subsidiaries amid mounting pressure.

Neelkant confirmed resigning from the subsidiaries but said he believed that investors and lenders would not want him to step down from CG Power in the “best interest” of the company.

Following the report, the stock climbed 5 per cent to hit a high of Rs 13.92 on BSE.