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Rahnuma:Equitas Small Finance Bank shares tank 17 pc after CEO Vasudevan resignation; extend 2-day fall New Delhi, Oct 30 (IANS) Equitas Small Finance Bank shares on Friday crashed 17 per cent on Friday, extending their two-day fall after CEO P N Vasudevan said he would resign amid conflict-of-interest concerns as his daughter runs a non-banking finance company.

At around 10:45 am, the company’s shares were trading 17.07 per cent lower, hitting a new 52-week low of Rs 47.26 on the BSE. Moreover, the stock has declined 27.34 per cent in two sessions against Wednesday’s closing of Rs 65.05. Vasudevan — who has led the lender as Managing Director and CEO for over a decade — said in his resignation letter that investors had repeatedly raised the issue and that it was weighing on the stock. Vasudevan has led Equitas since it started off as a microfinance institution in 2007 and oversaw its conversion to a small finance bank in 2016. His daughter, Varshini Vasudevan Pathangi, founded Unico Housing Finance, an unlisted NBFC in 2023.

The arrangement had been disclosed to the board and the Reserve Bank of India, and there was no conflict of interest, Vasudevan said in his resignation letter. “Sometimes perceptions are stronger than reality,” Vasudevan said Investors had told him the overhang was causing the shares to underperform, according to him. On Thursday, the board said it has asked Vasudevan to stay on until a successor is found and has asked its nomination and remuneration committee to identify internal and external candidates. However, this is not the first time Vasudevan has tried to move out.

In 2022, he planned to step down to pursue philanthropic activities but withdrew the resignation after the board asked him to continue. The Reserve Bank of India had earlier this year reached out to the board and top management to understand the relationship between the lender and Unico, according to media reports. Equitas said in August it had made only one deposit deal with Unico and no other transactions had been made until then. –IANS ag/

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4th T20I: NZ PM Christopher Luxon dons commentary hat at Eden Park, lauds Phillips’ blitz Auckland, Oct 30 (IANS) New Zealand Prime Minister Christopher Luxon traded his political responsibilities for cricket commentary during Blackcaps’ fourth T20I against India here at Eden Park PM Luxon took to social media to share the glimpses from the commentary box and lavished praise on Glenn Phillips for his batting masterclass and the team’s overall batting effort. “In the commentary box at Eden Park tonight for the @BLACKCAPS v India. Unreal innings from Glenn Phillips and a huge effort with the bat from the Blackcaps,” the New Zealand PM posted on X. Phillips (107 from 49 balls), arguably the batter of the series so far, smashed his third T20I century, while Bracewell also hit 65 from 25 balls to help New Zealand pile up their highest-ever T20I total and also the highest by any team against India in the format. This surpassed New Zealand’s previous highest score of 254/5, which they had smashed four years ago against Scotland, and is the most by any team against India, going past the previous 257/3 that England had hit in Southampton earlier this year. Phillips has been the batter of the series, having hit an 82 not out and 70 in the first two matches before his 107 in the fourth game. He was dismissed by Nitish in the final over when he miscued a lofted drive to Abhishek at deep extra covers, but the Kiwis have put up a record total against India as Nathan Smith finished with a four on the final ball. India have already sealed the five-match series comfortably after victories in the opening three games. In the third T20I, India openers Abhishek Sharma (113) and Vaibhav Sooryavanshi (45) stitched together a powerplay display for the record books, piling on 118 runs in six overs as they chased down 199 runs off just 13.2 overs against New Zealand. This was the second-quickest chase of a 190-run target or more (with 40 deliveries remaining), second only to Estonia’s chase of 193 against Cyprus in 2024, which they completed with 42 deliveries to spare.
October 30, 2026

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