Equitas Small Finance Bank Shares Tank 11% As CEO Decides To Quit

Shares of Equitas Small Finance Bank on Friday tumbled over 11 per cent after the company's Founder and CEO P N Vasudevan asked the lender to look for his successor as he wants to hang up his boots to pursue "a distinct set of goals".

Equitas Small Finance Bank Shares Tank 11% As CEO Decides To Quit

The stock tanked 11.38 per cent to settle at Rs 52.55 on the BSE.

New Delhi:

Shares of Equitas Small Finance Bank on Friday tumbled over 11 per cent after the company's Founder and CEO P N Vasudevan asked the lender to look for his successor as he wants to hang up his boots to pursue "a distinct set of goals".

The stock tanked 11.38 per cent to settle at Rs 52.55 on the BSE. During the day, it declined 12.98 per cent to Rs 51.60.

At the NSE, it fell sharply by 10.93 per cent to settle at Rs 52.95 apiece.

In traded volume terms, 4.59 lakh shares were traded at the BSE and over 65 lakh shares at the NSE during the day.

He is also the Managing Director of Equitas, which began as a microfinance institution in 2007 and was later converted into a bank in 2016.

In a regulatory filing, the bank shared Vasudevan's letter, in which he has expressed his desire to quit but did not give a timeline.

Vasudevan said he would continue until a successor is found.

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