Ujjivan Small Finance Bank Falls 17% After MD & CEO Resigns

Shares of Ujjivan Small Finance Bank fell as much as 17 per cent to hit fresh 52-week low of Rs 20.15 after its managing director and chief executive officer resigned from the bank.

"We hereby inform you that the Bank has received a letter dated August 18, 2021 from Mr. Nitin Chugh (DIN: 01884659) tendering his resignation from the position of Managing Director and CEO of the Bank w.e.f. close of business hours on September 30, 2021," Ujjivan Small Finance Bank said in a stock exchange filing.

Mr Chugh resigned due to personal reasons.

Meanwhile, Ujjivan Small Finance Bank has appointed Banavar Anantharamaiah Prabhakar, Ravichandran Venkataraman, Samit Kumar Ghosh and Sudha Suresh as additional directors of the bank.

As of 1:17 pm, Ujjivan Small Finance Bank shares traded 15.67 per cent lower at Rs 20.35, underperforming the Sensex which was down 0.58 per cent.