Ujjivan Small Finance Ban, which had closed at Rs.24.25, opened lower today at Rs.23.25 and went on to hit a new 52-week low at Rs.22.35, where it currently trades.
The stock tanked today on news that on account of “personal reasons” the MD and CEO of the bank, Nitin Chugh submitted his resignation.
The resignation will come into effect from September 30, 2021.
The Board of the Bank will be meeting on the 25th of August to select an interim CEO.
A Bank’s chief resigning, even if for personal reasons is not good news as such instability rocks the already rocking boat in choppy waters.