Britannia shares slump as veteran Varun Berry exits Indian packaged foods firm

Nov 11 (Reuters) - Shares of Britannia Industries BRIT.NS fell as much as 6.7% on Tuesday after CEO and Managing Director Varun Berry resigned, ending a decade-long tenure that transformed the Indian biscuit maker into a diversified packaged foods company.

Berry, who joined Britannia in 2013 and became managing director a year later, previously held leadership roles at PepsiCo PEP.O and Hindustan Unilever HLL.NS.

During his tenure, Berry steered Britannia's expansion into dairy, breads and snacks, sharpened efficiency and oversaw a nearly 14-fold surge in its share price, adding 1.3 trillion rupees ($14.8 billion) in market value.

Berry, who was re-designated as CEO in May after Rajneet Kohli's exit , leaves as Britannia faces margin pressures amid shifting consumer preferences and tax reforms.

Last week, the company appointed Rakshit Hargave, former chief of Birla Opus, as its new CEO.

Analysts at ICICI Direct said Hargave was expected to report to Berry, and his abrupt departure could unsettle investors.

Motilal Oswal analysts echoed the sentiment, saying Berry's long and successful tenure, and his exit without a notice period could create near-term pressure on the stock.

Britannia shares were last down 4.4% at 5,859 rupees, on track for their steepest single-day drop in a year.

($1 = 87.8950 Indian rupees)