Meesho shares hit lower circuit after exit of senior executive, expiry of lock-in period for pre-IPO equity

Meesho’s general manager for business has resigned, marking the first departure of a senior executive at the ecommerce firm since its blockbuster market debut last month.

Megha Agarwal, a senior management personnel, tendered her resignation on January 7, the company said in an exchange filing.

Following the exit, Meesho announced that Milan Partani, General Manager for User Growth and Content Commerce, will assume the role of General Manager – Commerce Platform.

The management reshuffle comes less than a month after the Bengaluru-based company listed on the Indian stock exchanges on December 10, 2025. The IPO was widely seen as a milestone for the Indian startup ecosystem, with shares opening at a 45% premium to the issue price and commanding a market capitalisation of over Rs 720 billion ($8.5 billion) at listing.

The development coincides with the expiry of the lock-in period for a portion of the company’s pre-IPO equity. Approximately 109.9 million shares, representing about 2% of Meesho’s outstanding equity, became eligible for trading earlier this week.

On Thursday morning, shares of the Vidit Aatrey-led company opened higher, and later settled 5% down in the lower circuit at Rs 164.4 apiece on the NSE.

Founded in 2015 in Bengaluru, Meesho pivoted from a reseller platform to a direct-to-consumer model following the pandemic. It is one of the few ecommerce companies in India to generate free cash flow.