SKS boss sacked in power struggle

SKS Microfinance sacked its chief executive Suresh Gurumani on Monday, exposing a power struggle at the country’s largest microlender just weeks after a dream public flotation. The sacking took markets by surprise, and anxious investors raced for the exit, punishing its shares as much as 9% in intra-day trading.

The firm, whose pioneering stock market listing in August was seen as heralding a wave of similar flotations across the microfinance sector, did not give reasons for Mr Gurumani’s ouster, only telling the market that it had ‘terminated’ his services as CEO and MD. SKS named deputy CEO MR Rao as Mr Gurumani’s replacement

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