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Updated on: Friday, August 20, 2021, 07:18 PM IST

Ujjivan Small Finance Bank shares tumble nearly 19% as MD, CEO Nitin Chugh resigns

PTI
Ujjivan Small Finance Bank MD and CEO Nitin Chugh has resigned from the bank and his tenure will come to an end on September 30/ Representational image |

Ujjivan Small Finance Bank MD and CEO Nitin Chugh has resigned from the bank and his tenure will come to an end on September 30/ Representational image |

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Shares of Ujjivan Small Finance Bank on Friday tumbled nearly 19 per cent after the announcement that its Managing Director and Chief Executive Officer Nitin Chugh has resigned from the bank.

The stock tumbled 18.76 per cent to close at Rs 19.70 on the BSE. During the day, it tanked 20 per cent to its 52-week low of Rs 19.40.

On the NSE, it plunged 18.76 per cent to close at Rs 19.70.

In traded volume terms, 22.56 lakh shares were traded at the BSE and over 4.44 crore units at the NSE during the day.

Ujjivan Small Finance Bank MD and CEO Nitin Chugh has resigned from the bank and his tenure will come to an end on September 30.

The bank has received a letter, dated August 18, from Nitin Chugh tendering his resignation from the position of the bank's managing director and CEO, with effect from the close of business hours on September 30, Ujjivan SFB said in a regulatory filing on Thursday.

"His tenure as the director is co-terminus with his tenure as managing director and CEO of the bank. Therefore, he shall cease to be a director of the bank with effect from the aforesaid date," it said. Ujjivan SFB said Chugh's resignation is due to personal reasons, as he has confirmed in his resignation letter, and there are no material reasons.

Chugh was appointed as the bank's MD and CEO with effect from December 1, 2019, for a tenure of three years.

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Published on: Friday, August 20, 2021, 07:18 PM IST
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