SKS Microfinance falls over 4 pc on BSE

MUMBAI: SKS Microfinance on Friday tanked over four per cent on media reports that market regulator SEBI has sought an explanation from the microfinance lender for the reasons behind sacking its CEO Suresh Gurumani.

The company on Monday had terminated Gurumani's services with immediate effect.

Reacting to the report, shares of the Hyderabad-based firm plunged by 4.22 per cent to an early low of Rs 1,247 on the Bombay Stock Exchange.

As per the media reports, SEBI has sent a letter to the company, asking it to disclose whether it was earlier aware of any events or circumstances that could have resulted in Gurumani's exit.

Sebi has also asked SKS to explain the reason for the resignation of one of its independent directors, Ashish Lakhanpal from the board, the report added.

The company share saw a similar decline at the National Stock Exchange, shedding 5.28 per cent to trade at Rs 1,235 in the early session.

Meanwhile, the 30-share benchmark Sensex was trading at 20,290.23, down 25.09 points from previous close.