Share Crashed On CTO’s Allegations

Poonawalla Fincorp Shares: In the environment of selling in the domestic market, Poonawalla Fincorp Ltd’s (NSE: POONAWALLA) share fell on 9th December due to another reason. 

When the company’s Chief Technology Officer (CTO) Dheeraj Saxena resigned on allegations of harassment, investors panicked and started selling shares in a hurry. 

Due to this, the shares slipped 3.27 percent to Rs 341.75. Currently, it is down 1.47 percent on BSE at Rs 348.10. Suddenly, the stock gained 5% after the fall.

Now talking about Dheeraj Saxena, he resigned from his post in September and now his notice period is also over.

Why Did The CTO Of Poonawalla Fincorp Resign?

Poonawalla Fincorp Ltd’s Chief Technology Officer Dheeraj Saxena has accused Chief HR Officer Harsh Kumar of harassment and resigned from his post. 

The company has informed the exchange report that his time in the company came to an end on the 3rd of December in 2024. In the resignation letter he sent on September 6, Dheeraj Saxena accused Harsh Kumar of harassment and unnecessary interference. 

Dheeraj says that due to this there were problems in IT work and the atmosphere in the IT team was also bad.

How Was The Movement Of Share In A Year?

At the beginning of this year, the stock of Poonawalla Fincorp Ltd was at Rs 519.95 on January 19, 2024, which is a one-year record high for its shares. 

In 9 months from this record high, it fell 48 percent to Rs 270.05 on October 28, 2024, which is a one-year record low for its shares. However, the decline in the shares stopped here. 

It has recovered about 29 percent from this level so far, but it is still 33 percent below its one-year high.

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