Spandana Sphoorty gains on appointing Venkatesh Krishnan as MD & CEO

Spandana Sphoorty Financial jumped 3.58% to Rs 273.75 after the firm said appointment of Venkatesh Krishnan as the MD & chief executive officer (MD & CEO) of the company for a tenure of 3 years, effective from 27 November 2025 to 26 November 2028.

The appointment was made based on the recommendation of the nomination & remuneration committee and approved by the board of directors in its meeting held on 25 November 2025. The terms of appointment, including remuneration, are subject to shareholder approval.

The company also informed that Ashish Kumar Damani, who was earlier serving as interim CEO, will continue in his role as president & chief financial officer (CFO) of the company.

Venkatesh Krishnan, the newly appointed MD & CEO of Spandana Sphoorty Financial, is a highly accomplished Chartered Accountant with over 34 years of experience in the financial services sector across leading institutions and diverse roles. He brings strong expertise in financial inclusion and rural banking, having previously headed the Microfinance division at HDFC Bank from 2018, where he led key initiatives such as low-cost branches, undergraduate hiring programs, and the creation of a unified technology platform. He has also held senior leadership positions including head of branch banking at hsbc and chief distribution officer at L&T Insurance, gaining wide-ranging experience across assets, liabilities, and NBFC operations.

Spandana Sphoorty Financial is primarily engaged in the business of microfinance, providing small-value unsecured loans to low-income customers in semi-urban and rural areas.

The company reported consolidated net loss of Rs 249.13 crore in Q2 FY26 as against net loss of Rs 216.32 crore in Q2 FY25. Net sales slipped 65.9% year on year to Rs 239.49 crore in Q2 FY26 over Q2 FY25.

Powered by Capital Market - Live News