At least two brokerages remain confident in the firm’s growth prospects. “We see no reason to be concerned about this development. Mr. Bhatt’s non-renewal as a member and chairman of the board, given his age, was not a major surprise. While the lack of disclosure leading to his resignation was unexpected, it is not a reflection of the company, the board or its practices,” Nuvama Institutional Equities analysts Vibhor Singhal and Yukti Khemani said in a note dated September 9. Analysts at Motilal Oswal Financial Services echoed this view.