Poonawalla Fincorp shares fall 3% after CTO steps down citing harassment
Poonawalla Fincorp fell over 3% to Rs 342 in the morning on Monday after the company’s Chief Technology Officer, Dhiraj Saxena, resigned citing harassment by the company’s Chief Human Resources Officer (CHRO).
Saxena’s resignation, effective on December 3, was officially submitted on September 6, according to a regulatory filing.
In his resignation letter, Saxena accused the CHRO of «harassment and unnecessary interventions», which he said disrupted IT operations and created unrest within the IT team. Saxena also mentioned that his efforts to collaborate were unsuccessful due to «a lack of alignment with HR policy.»
Saxena’s departure coincides with significant leadership changes at Poonawalla Fincorp. Arvind Kapil joined the company as Managing Director and CEO in June 2024, while Harsh Kumar took over as CHRO in July 2024.
Poonawalla Fincorp, which rebranded from Magma Fincorp in July 2021 after being acquired by Adar Poonawalla’s Rising Sun Holdings, remains a major player in the non-banking financial sector.
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