Shares of Bandhan Bank tanked 9% during the early trading hours on 8 April after managing director and chief executive officer Chandra Shekhar Ghosh decided to step down.

In its regulatory filing, the bank announced that Chandra Shekhar Ghosh will leave the company upon the completion of his tenure on 9 July 2024, despite the company’s board approving his reappointment as the MD and CEO in November for another three years.

Ghosh has more than 30 years of experience in microfinance and development. In his letter of resignation, he said he would pursue a broader strategic role within the group.

Earlier, the bank released its quarterly earnings for the January-March quarter. The loans and advances grew by 17.8% year-on-year to Rs 1.28 lakh crore for the quarter under review from Rs 1.09 lakh crore reported in the same quarter last year.

The total deposits of the bank during the quarter grew by 25.1% YoY to Rs 1.35 lakh crore from Rs 1.08 lakh crore reported in the same quarter of the previous fiscal year.

The CASA (current account savings account) ratio stood at 37.1% for the quarter under review, compared to 39.3% in the corresponding quarter of the previous fiscal year.

At 11:00 am, the shares of Bandhan Bank were trading 5.39% lower at Rs 186.70 on NSE.