Indiabulls Real Estate Ltd on Friday reported consolidated net loss of ₹51.95 crore for the quarter ended June on lower income.
Its net profit stood at ₹4.76 crore in the year-ago period.
Total income fell to ₹164.18 crore in the April-June quarter from ₹532.03 crore in the corresponding period of the previous year, according to a regulatory filing.
"Further, due to personal reasons and to focus on the existing commitments, Gurbans Singh has tendered his resignation from the office of Jt. Managing Director of the company, with effect from August 12, 2022, however he will continue as non-independent non-executive director of the company," the Mumbai-based developer said.
Also Read | Chinese property giant Evergrande to pay $1.1 billion following indebtedness
The board appointed Supriya Bhatnagar as an independent director on the board of the company, for an initial term of two years, not being liable to retire by rotation, with effect from August 12, 2022. This is subject to the approval of shareholders of the company.