The resignation of Nitin Chugh, managing director and CEO of Ujjivan Small Finance Bank has triggered a panic selloff in the stock as the scrip has plunged 23 per cent on the BSE over the past one week as against a 0.1 per cent decline in the benchmark S&P BSE Sensex.
Including Monday’s intra-day fall of 9.6 per cent, the stock has tumbled 31 per cent in six days. In comparison, the S&P BSE Sensex was ruling 0.4 per cent higher in today’s intra-day deals.
Chugh’s resignation comes in the midst of the bank's persistent underperformance on asset quality front,