The resignation came after the Securities and Exchange Board of India (SEBI) barred him from dealing in securities. Abhay Bhutada ceases to be a Director and Key Managerial Personnel of the Company.
“Mr. Abhay Bhutada has decided to step down as the Managing Director of the Company in the broader interest of the Company and its stakeholders,” company said in a filing on Thursday.
At around 9.28 AM, Poonawalla Fincorp Ltd was trading at Rs163.55 per piece down by Rs8.6 or 5% from its previous closing of Rs172.15 per piece on the BSE.