Shares of Manappuram Finance Ltd. experienced a 3% decline in Tuesday's trading session following the announcement of two senior management resignations. Digbijay Bandyopadhyay, the Business Head of Commercial Vehicle Finance (VP), and Ajay Bhalchandra Shelke, the Business Head of Two-Wheeler Finance, have both tendered their resignations.
The company disclosed the departures in a regulatory filing, stating that both executives cited personal reasons for stepping down from their roles. Bandyopadhyay's resignation is effective from the close of business on September 15, while Shelke's will take effect from the close of business on September 16.
Details of Executive Departures
According to the company's disclosure, Digbijay Bandyopadhyay had submitted his resignation on June 18 and completed a 90-day notice period. His last working day was set for September 15. Similarly, Ajay Bhalchandra Shelke, who oversees the two-wheeler finance segment, also submitted his resignation in June, serving a 90-day notice period, with September 16 marked as his final day.
These resignations come from key leadership positions managing significant business verticals for Manappuram Finance, an important player in the non-banking financial sector. The company has not provided any further details regarding the reasons for their resignations beyond the personal grounds cited by the executives themselves.
Market Reaction and Stock Performance
The Manappuram Finance stock opened at Rs 326.80 apiece, a slight dip from its previous close of Rs 329. Throughout the session, it reached a high of Rs 329.70 but fell to a low of Rs 319.80, marking a decline of approximately 2.80% from its prior closing price. The broader market reacted to the news, reflecting investor concerns regarding the senior management changes.
Manappuram Finance Ltd. made the disclosure under Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, ensuring transparency regarding significant corporate developments.