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Ujjivan Financial drops after resignation of CFO

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Ujjivan Financial Services fell 1% to Rs 337.95 at 10:30 on after the company announced that Hiren Shah resigned from the company from the post of chief financial officer on personal grounds from 9 October 2017.

The announcement was made after market hours yesterday, 9 October 2017.

Meanwhile, the S&P Sensex was up 86.93 points, or 0.27% to 31,933.82. The S&P Mid-Cap index was up 96.40 points, or 0.61% to 15,930.53.

On the BSE, 48,000 shares were traded in the counter so far, compared with average daily volumes of 1.22 lakh shares in the past one quarter. The stock had hit a high of Rs 341.90 and a low of Rs 335.65 so far during the day. The stock had hit a 52-week high of Rs 475.30 on 20 October 2016. The stock had hit a 52-week low of Rs 285 on 26 December 2016.

Separately, Ujjivan Financial Services said that the Reserve Bank of India (RBI) has communicated its approval for the conversion of the company from NBFC-MFI to NBFC-non deposit taking systematically important core investment company. The announcement was made after market hours yesterday, 9 October 2017.

The conversion was done pursuant to the conditions prescribed by the RBI in their license letter dated 11 November 2016 for setting up a small finance bank.

Ujjivan Financial Services reported consolidated net loss of Rs 74.94 crore in Q1 June 2017 compared with net profit of Rs 71.37 crore in Q1 June 2016. On a consolidated basis, Ujjivan Financial Services' total income rose 8.9% to Rs 358.64 crore in Q1 June 2017 over Q1 June 2016.

Ujjivan Financial Services is the promoter and non-operative holding company of its 100% subsidiary, Ujjivan Small Finance Bank, which has started the banking operations from February 2017. Ujjivan received the final license from the Reserve Bank of India on 11th November 2016, which allowed it to set up small finance bank business.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Tue, October 10 2017. 10:46 IST