India's Equitas Small Finance Bank slides after founder decides to leave

Equitas Small Finance Bank

20/05/2022 10:06

** Shares of lender Equitas Small Finance Bank  EQUI.NS 
tumble ~13.3% to 51.55 rupees, lowest since May 10
    ** Stock on track to see its worst day since Jan 2022
    ** Bank got a letter https://www.bseindia.com/xml-data/corpfiling/AttachLive/d8c43014-481a-4758-bbdc-e2a617c35e62.pdf
 from founder PN Vasudevan requesting the board to look for a
successor to his current position of managing director and chief
executive officer 
    ** Vasudevan will continue in his role until the bank
identifies a successor
    ** Bank says it will be forming a search committee shortly
to identify new CEO
    ** Around 4.8 mln shares change hands, vs 30-day avg of 1.4
mln shares
    ** All 12 analysts covering the stock have "buy" or "strong
buy" rating; median PT 75.5 rupees - Refinitiv data
    ** As of last close, stock down 0.08% this year
    


 (Reporting by Chandini Monnappa in Bengaluru)
 ((Chandini.M@thomsonreuters.com; 910867497919;))