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Vishal Mega Mart shares hit upper circuit after CEO reappointment
The stock rose to ₹115.40 after a 10.0% jump, following the board reappointing Gunender Kapur as managing director and CEO for five years starting 1 September 2026.
Vishal Mega Mart shares surged on the BSE on Monday, 24 August, hitting the upper circuit at ₹113.95 in morning trading and later extending gains to ₹115.40, up 11.4% from the previous close of ₹103.60, according to LiveMint Markets. Around 10:40 AM, the stock was trading about 9.9% higher at ₹113.90.
The move followed the company’s announcement that its board approved the reappointment of Gunender Kapur as managing director and chief executive officer for a five year term starting 1 September 2026 and ending 31 August 2031, with the role redesignated as Founder, Managing Director and CEO. LiveMint Markets said Kapur has more than 42 years of experience across management and investment in the consumer and retail sectors.
LiveMint Markets also reported that the board approved the grant of 4.68 crore stock options to eligible employees under the Vishal Mega Mart Employees Stock Options Plan 2019, with an exercise price of ₹102.60 per option. The outlet noted the shares have fallen 25% over the past year versus a 4.5% decline in the Sensex.
LiveMint Markets added that Morgan Stanley has an overweight recommendation for the stock, with a target price of ₹146, citing reduced uncertainty around management succession as a key positive. The outlet also said the shares were set to snap a three month losing streak, with the stock up nearly 7% in August so far on the BSE.
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