Ujjivan at 52-week low after key exits

Shares of Ujjivan Financial Services (UFSL) hit a 52week low of ~137.70 as they tumbled nearly per cent on the BSE on Tuesday. Over the past month, the stock of the NBFC has slipped 38 per cent, after the exit of multiple board members and management executives at Ujjivan SFB (USFB).

UFSL is a non-operating holco with 83.32 per cent ownership of USFB and it does not have any other business interest. UFSL has not received dividend income on its equity investment in USFB since the bank’s inception.

Most recently, and in a surprise move, on August 19, Nitin Chugh, CEO & MD, resigned from the bank. Samit Kumar Ghosh has been appointed a common director between the holdco and USFB with key priorities being managing portfolio quality proactively, and arresting attrition.