Tata Communications Shares Surge 8% on New MD & CEO Appointment

Shares of $TATACOMM unications jumped as much as 8% intraday to hit a four-month high of Rs 1,784.80 on Wednesday after the company appointed Ganapathi S Lakshminarayanan as its Managing Director and Chief Executive Officer for a five-year term. The appointment became effective today, boosting investor sentiment. The stock had declined for two consecutive sessions prior to this, shedding around 2%. The company had first announced the selection of Lakshminarayanan in January. With over two decades of experience in the telecom and technology sector, his leadership is expected to strengthen Tata Communications’ global digital infrastructure and connectivity business.