Britannia in Turmoil: Varun Berry’s Sudden Exit Sends Shockwaves Through Markets

Updated: November 11, 2025 17:50

Image Source : DNA India

Varun Berry, Britannia Industries’ CEO and MD, resigned suddenly after 13 transformative years, sparking market jitters with shares tumbling nearly 7%. The company has appointed Rakshit Hargave as the new CEO starting December 15, with interim leadership by CFO Natarajan Venkataraman until then.

Britannia Industries witnessed a significant leadership shakeup as Varun Berry, the company’s CEO and Managing Director, resigned abruptly effective November 10, 2025. Berry’s exit ends a 13-year tenure marked by robust growth, diversification into dairy and snacking, and a market cap surge. Under his leadership, Britannia evolved from a biscuit maker to a diversified food powerhouse.

The market reacted swiftly, with Britannia’s shares falling as much as 6.7% on the announcement day, reflecting investor concern over strategic continuity amid the change. The board waived Berry’s notice period, allowing a swift transition.

Rakshit Hargave, former CEO of Birla Opus, will take over as CEO and MD starting December 15, 2025. Until then, Natarajan Venkataraman, the company’s CFO and Executive Director, will serve as interim CEO. Hargave’s appointment signals continuity aligned with Britannia’s growth ambitions.

Berry’s departure raises questions about the company’s next phase, but analysts remain cautiously optimistic. Motilal Oswal retains a “Buy” rating, while some brokers signal short-term volatility. Britannia’s recent strong revenue and profit growth offers a solid foundation for the leadership handover.

Key Highlights:

Varun Berry resigned on November 6, effective November 10, ending a 13-year influential tenure.
Britannia shares dropped nearly 7% post-announcement, reflecting market uncertainty.
Rakshit Hargave named new CEO and MD, assuming charge December 15, 2025.
CFO Natarajan Venkataraman appointed interim CEO until Hargave’s start.
Berry led diversification beyond biscuits into dairy and snacking, tripling revenue and expanding margins significantly.
Market watchers watch closely for strategic continuity and growth under new leadership.

Recent quarterly results showed 4.1% revenue growth and 23% profit increase despite GST operational challenges.

Sources: Economic Times, Times of India, Reuters, CNBC-TV18, Business Standard, NDTV Profit

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