Shares of the Mangalore Chemicals surged on Monday after the company informed the Bombay Stock Exchange that Dr.Vijay Mallya, a Director on the Board of Directors of the Company, has resigned with immediate effect.

At 11.05 AM IST, shares of the company was seen trading at Rs 93.45, higher by 14.52 per cent on BSE. It touched an intra-day high of Rs 97.90.

Mangalore Chemicals is a part of UB Group, which is owned by Mr. Mallya. Mangalore Chemicals and Fertilisers reported a 347 per cent rise in second quarter net profit at Rs 42.5 crore against Rs 9.5 crore on a year-on-year basis.

Recently, Deepak Fertilisers had bought an additional about 6 per cent stake in Mangalore Chemicals and Fertilisers (MCFL).