SEBI starts probe on SKS, shares fall

The country's largest microfinance lender SKS Microfinance on Friday tanked 5.7 per cent on reports that the Securities and Exchange Board of India (SEBI) has sought an explanation from SKS for sacking CEO Suresh Gurumani.

The country's largest microfinance lender SKS Microfinance on Friday tanked 5.7 per cent on reports that the Securities and Exchange Board of India (SEBI) has sought an explanation from SKS for sacking CEO Suresh Gurumani.

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The company had, on Monday, terminated Gurumani's services with immediate effect.

SKS' shares plunged 5.7 per cent to R1,228 on the Bombay Stock Exchange.

According to reports, the market regulator has sent a letter to the company, asking it to disclose whether it was earlier aware of any events or circumstances that could have resulted in Gurumani's exit.