New Delhi, Nov. 11 -- Shares of Britannia Industries Ltd plunged as much as 6.7% on Tuesday after the board accepted Varun Berry's resignation and relieved him from his position as vice-chairman, managing director and chief executive officer with immediate effect on 10 November. The board appointed Rakshit Hargave as managing director and chief executive officer from 15 December.

Berry's impressive track record at the biscuit and dairy product company means Hargave has big shoes to fill. As Motilal Oswal Financial Services pointed out, Britannia at times (before Berry's tenure) was considered a commodity business with a weak operating margin profile, which has changed significantly since.

During Berry's tenure from FY13 to FY25, Britann...