Equitas Small Finance Bank shares rise 9% after lender names interim CEO
Equitas Small Finance Bank stock gained 9% to Rs 57.27 against the previous close of Rs 52.65. Market cap of the firm rose to Rs 6494 crore.
- Nov 4, 2026,
- Updated Nov 4, 2026 11:30 AM IST
Shares of Equitas Small Finance Bank Ltd surged 9% in early deasl on Wednesday after the bank cleared the appointment of Balaji Nuthalapadi, currently serving as a WholeTime Director (Executive Director) of the Bank, as its Interim Chief Executive Officer (CEO), subject to the approval of the Reserve Bank of India (RBI).
Equitas Small Finance Bank stock gained 9% to Rs 57.27 against the previous close of Rs 52.65. Market cap of the firm rose to Rs 6494 crore.
The appointment comes after PN Vasudevan's resignation on October 29, 2026.
The lender, in an exchange filing issued on November 3, 2026, the Chennai-based financial institution said that based on the recommendation of the Nomination and Remuneration Committee, the Equitas SFB's board of directors has approved the appointment of Balaji Nuthalapadi, as the interim CEO of the Bank which shall be subject to the approval from the Reserve Bank of India (RBI).
The bank also said its board has initiated the process of identifying a successor to PN Vasudevan and will submit its recommendation to the central bank as per the applicable regulations.
Equitas Small Finance Bank shares witnessed a sharp sell-off on October 29, the day PN Vasudevan announced his resignation, hitting the 20 per cent lower circuit. The stock remained under pressure in the subsequent trading session, extending its decline.
The circumstances surrounding Vasudevan's exit also came under scrutiny after his resignation letter highlighted concerns over a potential conflict of interest involving an NBFC co-promoted by his daughter, which has received a licence from the Reserve Bank of India (RBI).
Vasudevan maintained that there was no actual conflict of interest. However, he indicated that he was unable to address the board's concerns over the perception of a possible conflict, ultimately leading to his decision to step down.
Shares of Equitas Small Finance Bank Ltd surged 9% in early deasl on Wednesday after the bank cleared the appointment of Balaji Nuthalapadi, currently serving as a WholeTime Director (Executive Director) of the Bank, as its Interim Chief Executive Officer (CEO), subject to the approval of the Reserve Bank of India (RBI).
Equitas Small Finance Bank stock gained 9% to Rs 57.27 against the previous close of Rs 52.65. Market cap of the firm rose to Rs 6494 crore.
The appointment comes after PN Vasudevan's resignation on October 29, 2026.
The lender, in an exchange filing issued on November 3, 2026, the Chennai-based financial institution said that based on the recommendation of the Nomination and Remuneration Committee, the Equitas SFB's board of directors has approved the appointment of Balaji Nuthalapadi, as the interim CEO of the Bank which shall be subject to the approval from the Reserve Bank of India (RBI).
The bank also said its board has initiated the process of identifying a successor to PN Vasudevan and will submit its recommendation to the central bank as per the applicable regulations.
Equitas Small Finance Bank shares witnessed a sharp sell-off on October 29, the day PN Vasudevan announced his resignation, hitting the 20 per cent lower circuit. The stock remained under pressure in the subsequent trading session, extending its decline.
The circumstances surrounding Vasudevan's exit also came under scrutiny after his resignation letter highlighted concerns over a potential conflict of interest involving an NBFC co-promoted by his daughter, which has received a licence from the Reserve Bank of India (RBI).
Vasudevan maintained that there was no actual conflict of interest. However, he indicated that he was unable to address the board's concerns over the perception of a possible conflict, ultimately leading to his decision to step down.