Bajaj Finance MD Anup Kumar Saha steps down; Rajeev Jain to take over

6 hours ago 1

Bajaj Finance shares were in focus in Tuesday's trade after the private sector NBFC's board accepted the resignation of its Managing Director Anup Kumar Saha, who stepped down citing personal reasons. His resignation took effect from the close of business hours on Monday. The company redesignated Executive Vice-Chairman Rajeev Jain as Vice-Chairman and Managing Director for the remainder of his current term, till March 31, 2028.

Saha tendered his resignations as MD as well as Director from the company's board, the company said.

Consequent to the resignation, Saha ceased to be "Key Managerial Personnel for the purpose of determining materiality of an event or information and for the purpose of making disclosures to stock exchange(s) under Regulation 30(5) of the SEBI Listing Regulations, 2015", the company said in a regulatory filing post-market hours on Monday.

"I take this opportunity to thank the Board, the management team, and all stakeholders of the Company for their support and trust during my tenure. I remain committed to ensuring a smooth and seamless transition, and I am available to support the Company during this period, as may be required," wrote Saha in his resignation letter.

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How Bajaj Finance shares are performing

Bajaj Finance shares swung in a tight range between gains and losses during Tuesday's trade, last seen trading 0.7 per cent stronger for the day at Rs 956 apiece on BSE.

The stock gyrated within a Rs 22 range--between Rs 939.9 and Rs 961.8 apiece--during the session.

According to sources, after the development, Saha is being viewed as a possible candidate for the post of CEO and MD at IndusInd Bank.

IndusInd Bank shares faced selling pressure for much of the session, with the stock trading down 1.4 per cent at Rs 847 apiece in afternoon deals.