Anup Kumar Saha, who had joined Bajaj Finance in 2017, is reportedly one of the leading contenders for the CEO position at IndusInd Bank.
Bajaj Finance shares declined nearly 1% in early trade on Tuesday after managing director Anup Kumar Saha resigned due to personal reasons. The resignation came just four months after his appointment to the post. Saha, who had joined Bajaj Finance in 2017, is reportedly one of the leading contenders for the CEO position at IndusInd Bank, which has been searching for new leadership following the resignation of its former chief amid accounting lapse in its derivatives portfolio.
The non-banking financial company has reappointed Rajeev Jain as managing director until March 31, 2028. Jain, who currently serves as vice chairman, had previously held the MD position before Saha's tenure.
Reacting to the news, shares of Bajaj Finance slipped 0.95% to ₹939.90 on the BSE, while its market capitalisation dropped to ₹5.87 lakh crore. Early today, the NBFC heavyweight opened tad higher at ₹953 against previous closing price of ₹948.95, while it touch a high of 961.75 in the first hour of trade so far.
Meanwhile, domestic equity benchmarks Sensex and Nifty50 were trading higher by 0.15% each, after making a positive start, following firm global cues.
Domestic brokerage Emkay Global said that the move could raise concerns about Bajaj Finance succession planning over the medium term as Saha was groomed internally for over 7 years to take over the leadership and has stepped down in less than two quarters.
“Media reported Saha as one of the three names recommended by IndusInd Bank to the RBI for the former’s CEO position. Against this backdrop, this development does not come as a complete surprise to investors and could possibly lead to a positive reaction by BAF shares in the immediate term, as it provides clarity about Jain being the MD for nearly three more years,” the brokerage said in a report.
“However, over the medium term, this development could potentially raise some concerns regarding the management succession plan at BAF, as Saha was groomed internally for over 7 years to take over the leadership and has stepped down in less than two quarters,” the report noted.
Given Jain’s credentials and investor belief in him, Bajaj Finance shares are likely to see a positive reaction in the immediate term, as he takes over officially as MD, once again, it added.
In an exchange filing last evening, Bajaj Finance said that Anup Kumar Saha tendered his resignation as the MD of Bajaj Finance and a director from the board of directors of the company due to personal reasons. The private lender has been seeking new leadership after its previous chief stepped down amid a controversy surrounding the accounting of its derivatives portfolio.
“The Board (based on recommendation of the Nomination and Remuneration Committee of the Board) at their meeting held today, i.e., 21 July 2025, has noted and accepted the resignation of Anup Kumar Saha as the Managing Director of the Company and as a Director on the Board, with effect from close of business hours as on 21 July 2025,” the release noted.
Following the resignation of Saha, and in the interest of ensuring continuity in management, the board has vested Rajeev Jain, in addition to his existing responsibilities as executive vice chairman, with the powers, roles, and responsibilities of managing the company. He has been re-designated as vice chairman and managing director (VC & MD) for the remainder of his term, i.e., until March 31, 2028, the release noted.
“The board has, in addition to Rajeev Jain’s existing powers and roles as Executive Vice-Chairman of the Company, vested him with the powers, roles and responsibilities of management of the Company and re-designated him as ViceChairman and Managing Director of the Company for the remainder of his term i.e. till 31 March 2028,” the release noted.
Rajeev Jain is widely credited with the remarkable transformation of Bajaj Finance from a captive two- and three-wheeler financier into a leading diversified NBFC. In March 2025, Jain was appointed as an additional director in a non-executive role and designated as vice chairman of Bajaj Finance, effective April 1. He had previously served as the managing director of the company from 2015 until his transition to the new role earlier this year.
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