Manappuram Finance shares fall 3% after two senior management resignations

Manappuram Finance Ltd shares fell 3 per cent in Tuesday's trade as the company announced the resignation of two senior management personnel heading its commercial vehicle and two-wheeler finance businesses. The resignations have been attributed to personal reasons.

The stock opened at Rs 326.80 apiece against its previous close of Rs 329. It touched a high of Rs 329.70 and a low of Rs 319.80 during the session. The day's low marked a fall of around 2.80 per cent over the previous closing price.

In a regulatory filing, Manappuram Finance said Digbijay Bandyopadhyay, Business Head of Commercial Vehicle Finance (VP), and Ajay Bhalchandra Shelke, Business Head of Two-Wheeler Finance, have tendered their resignations from the company.

Bandyopadhyay's resignation will take effect from the close of business hours on September 15, while Shelke's resignation will take effect from the close of business hours on September 16. The company said both executives resigned due to personal reasons.

As per the details disclosed by the company, Bandyopadhyay had submitted his resignation on June 18 and was serving a 90-day notice period. His last working day has been set as September 15. In his resignation letter, he cited personal reasons for stepping down and thanked the company for the opportunities provided during his tenure.

Shelke, who is the Business Head of Two-Wheeler Finance, had also cited personal reasons for his resignation. His resignation letter states that he had submitted his resignation in June and would serve a 90-day notice period, with September 16 marked as his last working day.

The departures come from two executives overseeing Manappuram Finance's commercial vehicle and two-wheeler finance businesses. However, the company has not indicated any reason for the resignations beyond the personal reasons cited by the two senior management personnel.

The company disclosed the resignations under Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015. It said the relevant details and copies of the resignation letters had been enclosed with the filing.