A churn may take place at L&T’s structured finance business as its head Navin Gupta has quit and it is understood that some of his team members — industry sources say eight — are also likely to leave the company, people with direct knowledge of the matter told FE.
The sources also said that Gupta is currently in discussions with engineering group Kirloskar, which is diversifying into the financial services business with an NBFC. However, his joining the Kirloskar Group is not yet final.
In a response to FE, L&T Financial Services, currently in a silent period ahead of the first quarter earnings announcement, confirmed that Gupta is no longer with the company, but said that at least eight of the other members quitting with him is “completely speculative” and as a policy “it does not comment on market speculation”. “If a few others are leaving the company, it is due to normal attrition and not linked to Gupta quitting the firm,” it added.
To a query of hiring plan and the way forward post resignations, the company said, “this question is based on speculation and as a matter of policy we shall not comment. Hiring plans are formulated as per the business needs and requirements at the respective point in time”.
L&T structured finance business had total disbursements of Rs 7,705 crore in FY18, a 20% jump from Rs 6,397 crore in FY17.