New Delhi, Oct. 30 -- Equitas Small Finance Bank Managing Director and Chief Executive Officer P N Vasudevan has resigned, citing persistent investor concerns over a perceived conflict of interest linked to his daughter's association with a non-banking financial company (NBFC). The resignation comes barely three months after the bank's board extended his tenure until July 2029.
The development triggered a sharp sell-off in the lender's shares. Equitas SFB stock plunged 20 per cent during intra-day trading to hit its lower circuit before recovering partially to close 12 per cent lower at Rs 56.99 on the BSE.
In his resignation letter dated October 29, Vasudevan said that concerns over a potential conflict of interest had continued despite ...