Ujjivan Small Finance Bank on Thursday said that its Managing Director and CEO Nitin Chugh has resigned from his position citing personal reasons.

"The bank has received a letter dated August 18, 2021, from Mr Nitin Chugh tendering his resignation from the position of Managing Director and CEO of the Bank w.e.f. close of business hours on September 30, 2021," Ujjivan Small Finance Bank said in a regulatory filing.

His tenure as Director is co-terminus with his tenure as Managing Director and CEO of the Bank. Therefore, he shall cease to be a Director of the Bank with effect from the aforesaid date, it added.

Consequently, he shall also cease to be Key Managerial Personnel of the Bank.

"He has confirmed, in his resignation letter, that he is resigning due to personal reasons and there are no material reasons," the bank said.

On Wednesday, the shares of Ujjivan Small Finance Bank ended 1.22 percent lower at Rs 24.25 apiece on the BSE.