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Shares of Ujjivan Small Finance Bank exploded! There was a decline of more than 18% due to the resignation of MD

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Nitin Chugh, MD and CEO of Ujjivan Small Finance Bank has resigned.

Mumbai:

Shares of Ujjivan Small Finance Bank fell more than 18 percent on Friday. Due to this massive fall, the bank’s shares fell to their lowest level of 52 weeks. This fall in the shares of the bank has come after the resignation of Nitin Chugh, Managing Director and Chief Executive Officer of the bank.

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After the close of the market today, the company’s shares have closed at the level of Rs 19.75 per share, down by 4.55 points i.e. 18.56%. In its previous session, the closing of the stock was done at Rs 24.25 per share. The bank’s 52-week high is at the level of 44.60 and today the bank has come down to the 52-week low i.e. 19.40.

Ujjivan Small Finance Bank said in a filing to the stock exchange that ‘We would like to share the information that we have received a letter from Nitin Chugh with the date of 18th August, 2021, in which he has been appointed as the Managing Director and CEO of the Bank. Has resigned from the post of.’

It is known that Chugh has resigned from his post due to personal reasons. According to the filing given by the bank, he will continue in this post till September 30.

By the way, Ujjivan Small Finance Bank has also made some new appointments. The bank has appointed Banwar Anantramaiah Prabhakar, Ravichandran Venkataraman, Samit Kumar Ghosh and Sudha Suresh as additional directors.

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