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The appointment was recommended by the nomination and remuneration committee (NRC). Damani currently serves as Spandana’s president and chief financial officer.
Damani has over 23 years of experience in the microfinance industry. Before joining Spandana in March 2022, he held various roles at Bharat Financial Inclusion , including that of CFO. He played a key role in guiding the company through sectoral challenges and led a borrowing program of Rs 12,000 crore prior to Bharat Financial's merger with IndusInd Bank. Damani is an alumnus of IIM Ahmedabad (AGMP) and holds a PGDBA from Symbiosis, Pune.
Meanwhile, the board announced the resignation of Managing Director and CEO Shalabh Saxena, effective immediately.
Saxena, who led the microfinance firm for over three years, stepped down to pursue other career opportunities. He will continue to support the company during his notice period to ensure a smooth leadership transition.
Spandana Sphoorty Financial is primarily engaged in the business of microfinance, providing small-value unsecured loans to low-income customers in semi-urban and rural areas.
The company reported a consolidated net loss of Rs 440.19 crore in Q3 FY25, compared with a net profit of Rs 127.40 crore posted in Q3 FY24. Revenue from operations tanked 12.8% year on year to Rs 572.59 crore in Q3 FY24.
Spandana Sphoorty Financial Ltd, Blue Star Ltd, Alok Industries Ltd and Electronics Mart India Ltd are among the other losers in the BSE's 'A' group today, 23 April 2025.
Jammu and Kashmir Bank Ltd tumbled 8.15% to Rs 104 at 14:47 IST.The stock was the biggest loser in the BSE's 'A' group.On the BSE, 12.78 lakh shares were traded on the counter so far as against the average daily volumes of 4.07 lakh shares in the past one month.
Spandana Sphoorty Financial Ltd lost 6.45% to Rs 303.7. The stock was the second biggest loser in 'A' group.On the BSE, 1.68 lakh shares were traded on the counter so far as against the average daily volumes of 48766 shares in the past one month.
Blue Star Ltd crashed 5.66% to Rs 1925. The stock was the third biggest loser in 'A' group.On the BSE, 34723 shares were traded on the counter so far as against the average daily volumes of 19740 shares in the past one month.
Alok Industries Ltd corrected 5.17% to Rs 18.54. The stock was the fourth biggest loser in 'A' group.On the BSE, 39.54 lakh shares were traded on the counter so far as against the average daily volumes of 20.97 lakh shares in the past one month.
Electronics Mart India Ltd shed 4.62% to Rs 146.45. The stock was the fifth biggest loser in 'A' group.On the BSE, 1.27 lakh shares were traded on the counter so far as against the average daily volumes of 54409 shares in the past one month.
Just Dial Ltd, Tata Elxsi Ltd, Suzlon Energy Ltd and Allcargo Logistics Ltd are among the other gainers in the BSE's 'A' group today, 21 April 2025.
Spandana Sphoorty Financial Ltd soared 16.22% to Rs 315.2 at 11:47 IST. The stock was the biggest gainer in the BSE's 'A' group. On the BSE, 45619 shares were traded on the counter so far as against the average daily volumes of 39064 shares in the past one month.
Just Dial Ltd spiked 11.62% to Rs 1027.55. The stock was the second biggest gainer in 'A' group. On the BSE, 2.55 lakh shares were traded on the counter so far as against the average daily volumes of 21414 shares in the past one month.
Tata Elxsi Ltd surged 8.31% to Rs 5307. The stock was the third biggest gainer in 'A' group. On the BSE, 64022 shares were traded on the counter so far as against the average daily volumes of 32029 shares in the past one month.
Suzlon Energy Ltd gained 7.68% to Rs 59.31. The stock was the fourth biggest gainer in 'A' group. On the BSE, 106.85 lakh shares were traded on the counter so far as against the average daily volumes of 80.44 lakh shares in the past one month.
Allcargo Logistics Ltd added 7.09% to Rs 30.81. The stock was the fifth biggest gainer in 'A' group. On the BSE, 2.21 lakh shares were traded on the counter so far as against the average daily volumes of 3.86 lakh shares in the past one month.