Mumbai: Suresh Gurumani, Chief Executive of Hyderabad-based SKS Microfinance has been terminated in a power struggle within the company. The sacking of Gurumani was followed by a huge fall of its shares, as much as 9 percent in intra-day trading. SKS Microfinance today said in a statement to the National Stock Exchange that M.R. Rao will be replacing Suresh Gurumani as CEO of SKS microfinance. The release also added that the termination was 'pursuant' to the terms of Gurumani's appointment letter and that the company has withdrawn 'all powers and authorities granted' to Gurumani. His term was due to end on March 31, 2014. According to an SKS board member, Gurumani did not get along with team members. He had earlier been asked to go amicably, but he refused. He wanted all his stock options encased right away in order to quit. The board refused and asked him to leave. However, SKS Chief Financial Officer D Dilli Raj said the termination was "not an issue related to financial irregularities." In the course of a conference call with investors on Monday, SKS founder Vikram Akula said, "The move is basically to support the scaling up of operations. It is important to play a proactive role when the company is entering into new areas." He did not, however, specify what those new areas would be. A former retail business head of Barclays Bank, Gurumani helped guide SKS through a successful flotation, which saw the company raise 1,653 crore at a price of 985 a share and list at a 11 percent premium. The SKS stock ended 6 percent down at 1,280, its biggest decline on a single day since listing in mid-August. Founded by former McKinsey & Co consultant Vikram Akula, SKS counts U.S. billionaire George Soros , venture capitalist Vinod Khosla and Infosys founder NR Narayana Murthy among its investors.