Novartis India MD Sanjay Murdeshwar resigns

New Delhi: Novartis India on Thursday said its vice chairman and managing director Sanjay Murdeshwar has resigned.

The company's board, at its meeting on Thursday, has accepted his resignation, the drug firm said in a regulatory filing.

Murdeshwar in a letter "dated January 25, 2024, has tendered his resignation as director and employee of the company with effect from close of business hours of April 2, 2024".

"My personal and professional aspirations have evolved over time, and I believe this is the right time to pursue a new direction for myself," Murdeshwar wrote in his letter to the board.

Novartis India on Thursday reported a net profit of Rs 26.5 crore for the third quarter ended December 2023.

The company reported a net profit of Rs 7.6 crore in the third quarter of the 2022-23 fiscal.

Revenue from operations stood at Rs 84.5 crore while the same stood at Rs 80.1 crore in the October-December quarter of the last fiscal.

Shares of the company ended 2.66 per cent up at Rs 938.65 apiece on the BSE.