Shares of Equitas Small Finance Bank (SFB) dipped 11 per cent to Rs 52.75 on the BSE in Friday’s trade in an otherwise strong market after PN Vasudevan resigned as the managing director and chief executive officer (MD & CEO) of the bank for a career in health and education.

In the morning trade, the S&P BSE Sensex was up 2.3 per cent at 53,983. Meanwhile, the stock of holding company, Equitas Holdings traded 6 per cent lower at Rs 108.50, after hitting an intra-day low of Rs 103 on the BSE.

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“The board of directors of the Bank in its meeting held today (May 19, 2022) has taken the letter received from Mr P N Vasudevan, MD & CEO of the Bank on record and wishes to place on record its deep appreciation of the contribution made by Mr Vasudevan over the years,” Equitas SFB said in an exchange filing.

He now wants to pursue a distinct set of goals, which he believes, will help him contribute further back to society, more than what he is doing now, the bank said.