AU Small Finance Bank Issues Clarification on Recent Exit

AU Small Finance Bank has clarified now that the recent exit of internal audit head, Sumit Dhir has nothing to do with any corporate governance issue and it was purely due to personal reasons.

In the conference call held now, the company said,” Mr. Sumit Dhir has expressed his desire to move back to his hometown Delhi due to changes in his personal circumstances following Covid 2nd wave. He continues to be on our rolls as Head of Internal Audit and we remain in discussions with him for possible retention,” said the bank in an exchange notification.”

It also informed the company is trying to retain him as per their HR practices.

Further, AU Small Finance Bank categorically said that there is not a single other resignation in the top-50 senior management team or the Board of Directors. The recent rumors are baseless as all exits are because of personal reasons.

It is to be noted that the company’s shares have fallen more than 13 percent on the rumors that Sumit Dhir has resigned. However, it is up 3.81% after the market opened today.

Also Read: Why AU Small Finance Bank Shares Fell