Spandana Sphoorty Gains Most In 20 Weeks On Resolving Dispute With Former MD Padmaja Gangireddy
Shares of Spandana Sphoorty Financial Ltd. gained the most in nearly five months after the microfinance lender said it has resolved differences with its promoter and former Managing Director Padmaja Gangireddy.
Gangireddy resigned from her position on Nov. 2, 2021. Subsequently, “certain disputes arose” between her and the board of directors, according to an exchange filing dated June 22, 2022. “The company and Ms. Reddy have resolved their differences and agreed to part ways on amicable terms.”
While Gangireddy is no longer serving as the MD, she continues to be a substantial shareholder (14.52% stake as on May 21, 2022) and member of the company’s board, the filing stated.
The company had in November last year approved the appointment of Shalabh Saxena as MD and CEO for five years.
Shares of Spandana Sphoorty rose as much as 19.7%, the most since Feb 2. This is the third straight session of gains, up 35% during the period. The trading volume is 29 times the 30-day average, when markets closed on Thursday.
All the five analysts tracking the company suggest a ‘buy’.