India, Oct. 30 -- Equitas Small Finance Bank managing director and chief executive officer PN Vasudevan has resigned, citing "overhang" of potential conflict of interest from his daughter promoting a non-bank entity. Shares crashed 20% after the announcement of the resignation on Thursday. In a letter to the bank's chairman and board of directors, Vasudevan, who founded Equitas as a microfinance institution in 2007, conveyed his intention to step down to pursue certain "personal and social initiatives". He said his daughter is the co-promoter of an NBFC which received its licence from Reserve Bank of India (RBI) in 2023, which was disclosed to the bank's board and RBI. Vasudevan's daughter, Varshini Vasudevan Pathangi, founded Unico Housing Finance in 2023. "I am told by investors that this 'overhang' is causing the stock to underperform, impacting value creation for both shareholders and employees," Vasudevan said in the letter. P15...