Indian tyre maker Tirupati Tyres Ltd has announced the resignation of both its Managing Director and Chief Executive Officer, Avinash Anil Ghorpade, and of company Chairman, Chander Prakash Sharma. These resignations are effective 3 December 2024. Additionally, Tirupati Tyres has appointed a new Managing Director and Chief Financial Officer; Pavan Patel has taken on this role for a period of five years, effective 2 December 2024.
The Press Trust of India (PTI) reports that the Indian stock market is “abuzz with excitement” surrounding Tirupati Tyres Limited as rumours of a Rs 3.5 billion (£32.2 million) raw material supply order from global player Michelin gain traction. Although neither Michelin nor Tirupati Tyres have announced any such transaction, PTI notes that the finalisation of such a potential deal could “send Tirupati Tyres’ stock price skyrocketing” – according to PTI, experts predict a “staggering 1250 per cent gain” in the Tirupati Tyres share price over the coming six months.
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