Multibagger Banking Stock Jumps 11% As Board Okays MD & CEO Candidate List

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Multibagger Banking Stock Jumps 11% As Board Okays MD & CEO Candidate List
Credit: © Reuters.

By Malvika Gurung

Investing.com -- Shares of the private sector lender South Indian Bank (NS: SIBK ) zoomed 10.72% on Thursday and hit an intraday high of Rs 19.1 apiece during the session as its Board finalized the list of potential candidates for the position of the bank’s MD & CEO role.

South Indian Bank informed the stock exchanges that as per the recommendations of the Search Committee, constituted by its Board of Directors, the panel of candidates for the position of the Kerala-based bank’s Managing Director & Chief Executive Officer (MD & CEO), has been approved.

According to the norms of the Reserve Bank of India (RBI), South Indian Bank will submit its application of the names of candidates in the order of preference to the banking regulator, seeking approval for the appointment of the new MD & CEO.

Further, the private bank has informed that Joby M C, Joint General Manager, Head of Inspection and Vigilance Department and Head of Internal Audit and Chief of Internal Vigilance and key Managerial Personnel of the bank is retiring from his service on May 31, 2023.

South Indian Bank’s Board has appointed Nandakumar G as the Head of Inspection and Vigilance Department and Head of Internal Audit and Chief of Internal Vigilance of the bank, starting from June 1, 2023.

The small-cap banking stock has dipped only twice in the past nine trading sessions and has gained approximately 15% during the period.

The stock has rallied a whopping 136.9% in a one-year period, making it multibagger in nature.

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