Spandana Sphoorty soars 18% as ex-MD Padmaja, board resolve differences

The company informed BSE, that its board and the founder and ex-MD Ms. Padmaja Reddy have resolved their differences and agreed to part ways on amicable terms.

Shares of Spandana Sphoorty Financial soared 18.5 per cent to Rs 395 on the BSE in Thursday’s intra-day trade after the company and Ms. Padmaja Reddy resolved their differences and agreed to part ways on amicable terms. The stock of the non-banking financial company has rallied over 37 per cent in past three trading days. In comparison, the S&P BSE Sensex was up 1.2 per cent at 52,435 points as of 11:00 AM.

Ms. Padmaja Reddy, the founder of Spandana Sphoorty Financial, resigned from her position as the Managing Director of the company on November 2, 2021. Subsequently, certain