No reason was given for his resignation.
Shares of Sahara Housingfina Corporation on Monday fell 4.39 per cent on the BSE after Sahara chief Subrata Roy was arrested by the Lucknow police.
Shares of two Sahara firms fell by up to 5 per cent on Wednesday, after the group's chief Subrata Roy and two directors were jailed for a week for not complying with the Supreme Court order on refunding around Rs 20,000 crore (Rs 200 billion) of investors money.
Before surrendering to the police he clarified that he was no absconding.
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