Equitas Small Finance Bank shares rise 9 per cent after interim CEO appointment
Shares of Equitas Small Finance Bank jumped on Wednesday following the appointment of Balaji Nuthalapadi as interim CEO.
Equitas Small Finance Bank shares rose nearly 9 per cent on Wednesday to a high of Rs 57.25 on the NSE after the bank approved Balaji Nuthalapadi as interim CEO, according to the Economic Times. The appointment follows the resignation of Managing Director and CEO PN Vasudevan on October 29, 2026.
Nuthalapadi, who is currently a Whole-Time Director at the bank, will take office once the Reserve Bank of India (RBI) grants approval. The bank stated that the appointment was recommended by its Nomination and Remuneration Committee. The board has also started the process of identifying a permanent successor to Vasudevan to submit to the RBI.
The bank's shares had previously fallen more than 27 per cent in two sessions following Vasudevan's resignation announcement. In a letter dated October 29, Vasudevan said he intended to step down to pursue personal and social initiatives and to remove a perceived conflict of interest regarding his daughter's NBFC.
Vasudevan noted that his daughter is a co-promoter of an NBFC that received an RBI licence in 2023. He stated that his role as MD and his daughter's role were within the Banking Regulations Act and that no transactions existed between the bank and the NBFC, except for one short term deposit repaid 2.5 years ago.
The board expressed appreciation for Vasudevan's leadership and service. His relieving date will be decided in consultation with him once the RBI approves Nuthalapadi's appointment.