Shares of Spandana Sphoorty Financial Ltd. surged 8.02% to Rs 330 on April 24, following a major leadership transition at the company. The sharp uptick in share price comes after the resignation of Managing Director and CEO Mr. Shalabh Saxena, effective April 23, 2025. Investors responded positively to the announcement of a new interim leader with deep industry expertise.
Ashish Kumar Damani appointed interim CEO
In line with SEBI norms, the company’s Board and Nomination Committee appointed Mr. Ashish Kumar Damani as interim CEO, effective immediately. Damani has been associated with Spandana Sphoorty since March 2022 as President and Chief Financial Officer, and brings over 23 years of experience in the microfinance sector.
Previously, Damani served as CFO at Bharat Financial Inclusion Ltd., where he led key borrowing programs and steered the firm through multiple industry cycles.
Leadership transition and market confidence
The leadership change was part of a planned transition. Saxena, who led the company for over three years, resigned to pursue other career opportunities. Spandana assured stakeholders that Damani’s appointment will ensure business continuity and strategic consistency.
Market participants appear confident in Damani’s ability to steer the company forward, contributing to the stock’s positive momentum.
Updated stock details
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Current Price: Rs 330.00
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Day’s Change: +Rs 24.50 (+8.02%)
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Previous Close: Rs 305.50
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Day Range: Rs 297.31 – Rs 314.38
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Market Cap: Rs 2,229 crore
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Year Range: Rs 193.00 – Rs 935.60
FAQs
Why did Spandana Sphoorty shares rise today?
The stock surged after the company announced a key leadership change and appointed Ashish Kumar Damani as interim CEO.
Who is the new CEO of Spandana Sphoorty?
Ashish Kumar Damani has been appointed as interim CEO. He previously served as President and CFO.
Why did Shalabh Saxena resign?
Saxena stepped down to pursue other career opportunities, effective April 23, 2025.
How has the market reacted to the leadership change?
Positively—the stock rallied over 8% in early trading hours, indicating investor confidence in the transition.
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