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NHB probing Aavas Financiers over loan classification lapses

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NHB probing Aavas Financiers over loan classification lapses
MUMBAI: The National Housing Bank (NHB) has begun a formal probe into CVC Capital Partners-backed mortgage lender Aavas Financiers after preliminary inquiries uncovered loan classification irregularities, with multiple instances of loans categorised under ineligible refinancing schemes, multiple sources aware of the development told ET.

The sector regulator has recalled refinancing support worth nearly Rs 500 crore —a punitive action that has set off a sweeping leadership overhaul at the company. ET was the first to report on April 13 that managing director and CEO Sachinder Bhinder was being asked to step down, with Manu Singh — former home loans head at Kotak Mahindra Bank — set to take over. A week later, on April 20, the company confirmed Bhinder’s resignation and Singh’s appointment as the new CEO.

The NHB’s investigation found that concessional refinance meant for SC/ST borrowers had been availed against loans where the borrowers did not belong to these categories.

Aavas Financiers sees top-level churn: CFO and CRO to exit, interim replacements named

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Loans were also classified as disbursed in hilly areas even though the underlying properties were not located in such regions, and non-home loans had been misclassified as home loans to access preferential funding — a trifecta of classification failures that triggered the regulator’s action, sources said.


Aavas Financiers confirmed the NHB investigation, though it stopped short of acknowledging the specific findings.
“The NHB, in the ordinary course, conducts periodic audits and inspections of housing finance companies, including Aavas Financiers, and one such inspection is presently underway and has not yet been concluded,” the company said in a statement.The company added that it has not received any direction from NHB requiring it to repay any funding lines.

Sources, however, said the scale of the irregularities went well beyond what might be expected in a routine inspection.

Singapore-based fintech company Aleta aims to expand operations into India

“The regulator’s concerns were not limited to isolated instances. The inspection identified multiple cases where loans were categorised under refinance schemes that they were not eligible for, resulting in the withdrawal of refinance support and prompting a wider review of internal controls,” said a person aware of the development.

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TOP EXECUTIVES TOLD TO RESIGN
CVC Capital Partners, which holds a majority stake of over 50% in Aavas Financiers, has shown the door to chief financial officer Ghanshyam Rawat and chief risk officer Ashutosh Atre in the wake of the NHB’s findings. Sources said both officials were asked to resign on June 15, though the disclosures were made only after a hastily called board meeting on June 21.

The company subsequently informed stock exchanges that it had appointed Ghanshyam Gupta as interim chief financial officer and Punit Purushottam Agarwal as interim chief risk officer, with effect from June 22.

The exits are the latest in a series of senior management departures that paint a troubling picture of how the company was conducting its business.

In the span of barely two months, Aavas Financiers has replaced its MD and CEO, CFO and CRO — an unprecedented churn at the top that reflects the depth of the crisis the company is navigating. Markets have also taken note of the turbulence. With a market capitalisation of approximately Rs 11,673 crore, the stock has declined nearly 32% from its 52-week high of Rs 2,152, trading at around Rs 1,472 — reflecting deepening investor concerns around governance, growth visibility and execution amid the ongoing management churn, according toexchange data.

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Pandora Down Today? Users Report Playback, Login and App Issues as Complaints Spike Across the Country

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FTSE 100 Surges 0.8% Today as Oil Eases and Markets

Some Pandora users across the United States reported difficulty accessing the music streaming service Thursday, after outage tracking platform Downdetector recorded a noticeable rise in user complaints throughout the day.

Listeners described a range of problems, including playback interruptions during streaming, trouble loading the Pandora app, and login failures when attempting to sign into their accounts. The reports prompted many users to turn to social media and outage-tracking sites to ask whether Pandora was experiencing a broader, platform-wide service disruption.

As of Thursday afternoon, Pandora had not issued an official confirmation of a widespread outage affecting the service, despite the increase in user-submitted reports on Downdetector. The company has not released a statement identifying a specific cause for the issues some users experienced, and the scope of the disruption, whether it affected a small subset of users or a larger portion of Pandora’s overall user base, remained unclear based on publicly available information.

Downdetector, the outage-tracking platform where many of Thursday’s complaints were logged, works by aggregating user-submitted reports about service disruptions across thousands of websites and applications, rather than directly monitoring the internal systems of the companies it tracks. Because the platform relies on self-reported user complaints rather than direct access to a company’s server infrastructure, spikes in reported issues can sometimes reflect genuine service outages, while other spikes may result from more localized problems affecting individual users, internet service providers or specific devices rather than a true platform-wide failure.

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Separate monitoring services tracking Pandora’s status, including those affiliated with Sonos, which integrates Pandora’s streaming service into its home audio products, reported the platform as operational during checks conducted around the same period Thursday. One such service noted only a single user-submitted outage report over a 24-hour window, a volume of complaints within the range the service characterized as normal rather than indicative of a significant disruption.

Pandora, founded in 2000, has grown over more than two decades into one of the best-known platforms for personalized internet radio and music streaming in the United States. The service uses a recommendation system built around what the company calls the Music Genome Project, which analyzes musical attributes of songs to generate personalized listening stations based on a user’s stated preferences. Pandora has faced increasing competition in recent years from rival streaming platforms including Spotify and Apple Music, both of which have continued to expand their own personalized recommendation features in ways that have narrowed some of the differentiation Pandora’s algorithm-driven approach to music discovery once offered.

For users experiencing difficulty accessing Pandora, general troubleshooting steps commonly recommended for streaming service disruptions include restarting the Pandora app or closing and reopening it entirely, checking for available app updates through a device’s app store, verifying that the device’s internet connection is functioning properly by testing other online services, and, if accessing Pandora through a web browser, performing a full page refresh or clearing the browser’s cached data. If a service-side outage is confirmed to be the underlying cause of access problems, however, individual troubleshooting steps taken by users are unlikely to resolve the issue until the company restores normal service on its end.

Thursday’s reported issues with Pandora were not an isolated case of technology service disruptions drawing attention that day. Separate reports also surfaced regarding possible chat, login and API issues affecting Anthropic’s Claude AI system across multiple regions, including the United States, Australia and the United Kingdom, according to outage-tracking reports published around the same time, suggesting a broader pattern of scattered technology service disruptions being reported and tracked across different platforms that day, though the reported issues involving Pandora and other services do not appear to be directly connected to one another based on currently available information.

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Users seeking updates on Pandora’s service status are generally advised to monitor the company’s official social media channels or support pages for any formal acknowledgment of an outage, since third-party outage-tracking platforms like Downdetector, while useful for gauging the scale of user-reported complaints in near real time, do not have direct access to a company’s internal systems and cannot independently confirm whether reported issues stem from a true platform-wide outage, a more limited regional or device-specific problem, or unrelated individual technical issues affecting different users simultaneously.

As of the most recent available information, Pandora had not provided an estimated timeline for resolving the issues some users reported experiencing Thursday, and the company had not responded publicly to inquiries about the elevated complaint volume registered on Downdetector throughout the day. Users continuing to experience problems accessing the service were encouraged to check for updates directly through Pandora’s official channels rather than relying solely on third-party outage trackers for the most current and authoritative information about the platform’s operational status.

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Cerus Corporation (CERS) Q2 2026 Earnings Call Transcript

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OneWater Marine Inc. (ONEW) Q1 2026 Earnings Call Transcript

Operator

Good day, ladies and gentlemen. Thank you for standing by. Welcome to the Cerus Corporation’s Second Quarter 2026 Earnings Conference Call. Please be advised, today’s conference is being recorded. I would now like to hand the conference over to Tim Lee, Cerus’ Head of Investor Relations. Tim, you may begin.

Timothy Lee
Head of Investor Relation

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Thank you and good afternoon. I’d like to thank everyone for joining us today. As part of today’s webcast, we are simultaneously displaying slides that you can follow. You can access the slides from the Investor Relations website at ir.cerus.com. With me on the call are Vivek Jayaraman, Cerus’ President and Chief Executive Officer, and Kevin Green, Cerus’ Chief Financial Officer. Cerus issued a press release today announcing our financial results for the second quarter ended June 30, 2026, and describing the company’s recent business highlights. You can access a copy of this announcement on the company’s website at www.cerus.com.

I’d like to remind you that some of the statements we’ll make on this call relate to future events and performance, rather than historical facts and are forward-looking statements. Examples of forward-looking statements include those related to our future financial and marketing results, including our 2026 product revenue guidance, our expectations for gross margins, non-GAAP adjusted EBITDA performance, and our expected expense levels, as well as our commitment to achieving GAAP profitability. Expected future growth in our growth trajectory and market opportunities, our expectations that we will deliver P&L leverage in 2026, the availability and related timing of data from clinical trials, planned regulatory submissions and

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First Solar, Inc. (FSLR) Q2 2026 Earnings Call Transcript

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OneWater Marine Inc. (ONEW) Q1 2026 Earnings Call Transcript