Poonawalla Fincorp Shares In Red After CTO Dhiraj Saxena's Exit Over 'Harassment'

Poonawalla Fincorp, a company part of the Pune-based Cyrus Poonawalla Group has found itself in a space of bother. This came to pass after the company shares started with cuts in the intraday trade on Monday, December 9. The company shares dipped by over 1 per cent in the very first hour of the day's trade.

Poonawalla Fincorp CEO Quits

This development at Dalal Street came to pass after the company CTO or Chief Technical Officer, Dhiraj Saxena quit the company after he accused the company of harassment.

His umbrage was directed at the company's Chief Human Resources Officer, Harsh Kumar. According to Dhiraj Saxena's resignation letter that has been circulating online, Harsh Kumar harassed and intervened in the functioning of his team.

In the letter, Saxena said,"I hereby resign from the post of Chief Technology Officer due to harassment & unnecessary interventions of CHRO which is impacting me in managing the IT function effectively and efficiently."

Although there have been no comments on the matter from either side, as of now, the markets appear to have reacted to this rather theatric and public departure of a top-ranking company official from the Adar Poonawalla-led company.

Fincorp Shares In Decline At NSE

When we take a look a company shares on Monday, the shares of Poonawalla Fincorp Ltd, listed as POONAWALLA on the National Stock Exchange took a hit. As the day progressed, the said decline in the value of the company shares only deepened further.

At 09:56 IST, the shares of Poonawalla Fincorp slumped to Rs 347.40 per piece. This slump was effected by a 1.67 per cent or Rs 5.90 decline.

In the past month of trading, the shares of the company have dipped by 3.77 per cent. The Poonawalla Group also owns the famed pharma giant Serum Institute of India.