Equitas Bank Shares Fall After CEO Resigns
Equitas Small Finance Bank shares dropped after longtime CEO P N Vasudevan resigned due to investor concerns over a potential conflict of interest involving his daughter's company. The board asked him to remain until a successor is found.
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EQUITAS SMALL FINANCE BANK L shares tumbled 20% on Thursday afternoon after long-time CEO P N Vasudevan resigned over conflict-of-interest concerns regarding his daughter's housing finance firm. The departure removes a foundational leader who guided the lender through its 2016 transition from a microfinance institution. Investors had repeatedly flagged the governance overhang, pressuring the stock despite record financial results.
