Shares of Colgate-Palmolive India have dropped by 30 basis points, as of 11:48 AM, after the company said in an exchange filing that their chairman Vinod Nambiar has put down his papers.

Nambiar informed the board that he has resigned due to his taking a leave of absence from the company for personal reasons.

His last day in office will be September 1, 2018.

The stock fell as soon the news broke out. The company, until the news, was gaining in trade.

Nambiar has been the president of the Asia Pacific Division for the company since April 8, 2016.

He replaced Mukul Deoras in 2016 and has been with Colgate-Palmolive since 1999 in various roles in India and overseas.

First Published:Aug 1, 2018 12:12 PM IST