Vedanta-owned Cairn India’s CEO and CFO have resigned in quick succession. 

BusinessLine  had reported on Monday that Sudhir Mathur, Cairn India’s CEO, had resigned, and Pankaj Kalra, CFO, had quickly followed suit.

But it was only on Thursday that the company issued a statement saying, that “Such movements in management are part of natural evolution in any organisation, and are in line with the career aspirations and personal priorities of individuals. We want to emphasise here that these movements are unconnected and have been spread over a period of time.” 

Shares of Vedanta fell 3.72 per cent on the BSE during intraday trade on Thursday.

This is not for the first time that company has seen a top management change since 2012. Rahul Dhir, the first MD and CEO, quit in 2012. After Dhir came P Elango, from 2012 to 2014, followed by Mayank Ashar in 2016. Mathur had taken over after Ashar left.

The frequency of exits in the company since Anil Agarwal’s Vedanta took over it in 2011 has raised many questions. 

Though Cairn India has till date not elaborated on it, the buzz in industry circles is that the company, which has had a Scottish DNA since inception, was ifinding it difficult to adapt to the workings of a family-owned business environment.