Bengaluru/ Mumbai, Nov. 11 -- Shares of Britannia Industries Ltd, a 13-decade-old company and India's leading biscuit maker, declined as much as 6.7% on Tuesday, a day after chief executive officer Varun Berry resigned abruptly.

The stock fell to the day's low of Rs.5,721.70 on the BSE. The shares have advanced over 8.76% this year.

Berry's resignation came barely a week after Britannia said 5 November it had appointed Rakshit Hargave as its new CEO starting 15 December. Hargave resigned as chief executive officer (CEO) of Birla Opus the same day.

The board of directors accepted Berry's resignation and waived his notice period. It said he was relieved from his position as vice-chairman, managing director and CEO. Executive director and...