Shares of Britannia Industries plunged up to 6.7% in early trading on Tuesday following the resignation of CEO and Managing Director Varun Berry, who had been with the company for over a decade. The stock was last seen down 4.9% at Rs 5,830.50, marking its worst day in a year.

Berry, who previously held leadership roles at PepsiCo and Hindustan Unilever, joined Britannia in 2013 as Vice President and COO, becoming MD in 2014 and later CEO in May 2025 after Rajneet Kohli stepped down. He also served as Executive Vice-Chairman during his tenure.

The company has named Rakshit Hargave, former chief of Birla Opus, as the new CEO. The leadership change comes as Indian consumer goods companies face challenges such as tax rate cuts and shifting consumer trends, putting pressure on margins and growth.

Britannia, known for brands like Jim Jam and NutriChoice biscuits, now enters a new phase under fresh leadership amid evolving market dynamics.