Shares of Equitas Small Finance Bank which plunged 20% intraday, closed 12.39% down at Rs 56.99 on the exchanges. The bank has a market capitalisation of Rs 6,500 crore. (File photo enhanced using AI)

Equitas Small Finance Bank Managing Director and CEO PN Vasudevan on Thursday resigned, citing the “overhang” of a “perception issue” concerning the non-banking finance company (NBFC) run by his daughter.

“The bank has received a letter from Vasudevan, Managing Director and CEO, conveying his intention to step down from his position to pursue certain personal and social initiatives through which he believes he can contribute further to society,” the bank said in an exchange filing. The board of directors took note of the said resignation, it said.

The bank’s shares, which plunged 20% intraday, closed 12.39% down at Rs 56.99 on the exchanges.…