The chief executive officer of leading non-banking financial company (NBFC) Manappuram Finance, Deepak Reddy, has resigned from his position, the company said in a regulatory filing on Friday.
According to the company, Reddy has stepped down to pursue personal and professional interests and will be relieved from his duties on December 31, 2026. During this period, he will remain on garden leave, under which an employee stays away from work during the notice period while continuing to be employed.
Reddy was appointed CEO on August 1, 2025, after V P Nandakumar transitioned to the role of Managing Director of the Kerala-based NBFC.
In March, Manappuram Finance sold an 18% stake to US-based private investment firm Bain Capital for Rs 4,385 crore through a preferential allotment of equity shares and warrants at Rs 236 per share. The transaction also triggered a mandatory open offer to acquire an additional 26% stake in the company on an expanded capital basis (excluding warrants).
People familiar with the matter said Reddy's exit is part of a broader restructuring of the company's top management, with Manappuram evaluating the consolidation of senior leadership roles to streamline operations and improve efficiency.
Reddy has over three decades of experience in the financial services sector. Before joining Manappuram Finance, he spent 17 years at Bajaj Finserv, nine years at American Express Bank, around one-and-a-half years at Standard Chartered Bank and over four years at JVC Onida.
In February 2026, Reddy had proceeded on medical leave to travel overseas for treatment, according to a regulatory filing. The company had not disclosed the nature of his illness. Reports at the time had speculated that he had been diagnosed with cancer, but the company did not confirm those reports.
Manappuram Finance reported a consolidated net profit of Rs 404 crore for the fourth quarter of FY26, compared with a net loss of Rs 191 crore in the corresponding period a year earlier.