Astral received his resignation letter on 30 October 2023. In the letter, he mentioned that he was appointed for a term of two years and, upon completing the agreed term, wishes to resign accordingly.

Sanghvi further requested the board to relieve him from his duties and responsibilities and confirmed that he has no claim against the company.

Astral is engaged in manufacturing of CPVC pipes & fittings. The company's consolidated net profit had risen by 34.76% to Rs 119.80 crore on a 5.79% increase in sales to Rs 1,283.10 crore in Q1 FY24 over Q1 FY23.

Shares of Astral rose 0.12% to Rs 1828.15 on 30 October 2023.