Change in Management
Price
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On the reaction day the stock moved 2.7 pts less than Nifty Microcap 250 and 2.4 pts less than its IT Enabled Services peers, over the same two closes: a difference in percentage points, not a measure of what the filing did.
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String Metaverse Limited announced a major management reshuffle at its board meeting on 8th September 2025. Independent Director Mr. Hemant Prabhudas Vastani resigned effective 7th September 2025. Both the CEO, Mr. Sai Santosh Althuru, and the CFO, Mr. Meenavalli Krishna Mohan, also stepped down from their executive roles on 8th September 2025, though both will continue as Executive Directors on the board. To fill the gaps, Mr. Raghavendra Hunasgi (co-founder of Web3 neo bank Zeebu) was appointed as the new CEO, and interestingly, the same Mr. Hemant Vastani was appointed as the new CFO effective 1st October 2025. Mr. Amar Kumar was also inducted as a new Non-Executive Independent Director for a five-year term. The earlier shareholders' resolution to appoint Mr. Vastani as Independent Director at the upcoming AGM stands withdrawn.
Significant churn at the top with both CEO and CFO exiting their KMP roles, though their continued presence as Executive Directors provides some continuity. The new CEO brings strong Web3 and global branding experience, aligning with the company's stated focus on Web3 and AI sectors. For shareholders, the rapid back-to-back resignations and reassignments warrant close watch, though no adverse reasons were cited beyond 'personal and professional reasons.'