Bank Stock Crashes 17% on MD & CEO Exit Announcement

  • Stock Market News
Bank Stock Crashes 17% on MD & CEO Exit Announcement
Credit: © Reuters.

By Malvika Gurung -- Shares of the private sector lender South Indian Bank (NS: SIBK ) plummeted 16.92% to Rs 13.75 apiece on Wednesday, closing the session 12.69% lower at Rs 14.45 apiece.

The stock tumbled after the Kerala-based bank informed that its Board considered Murali Ramakrishnan’s request to not re-appoint himself as the Managing Director & CEO of the bank on completion of his current tenure. Ramakrishnan’s ongoing tenure will complete on September 30, 2023.

South Indian Bank said in a regulatory filing that its Board of Directors in a meeting held on March 28, considered the request of Murali Ramakrishnan to not offer himself for re-appointment as MD & CEO due to personal reasons or family circumstances, on completion of the current term.

“The Search Committee, constituted by the Board, will identify and evaluate suitable candidates for the position of Managing Director & CEO,” the bank added.

As per media reports, the small-cap lender has appointed Hunt Partners for hiring the new MD & CEO of the bank, and look for both internal and external candidates in the process.

The banking stock has jumped sharply by 90.13% in one year.

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