New Delhi, Mar 10 (PTI) Shares of IndusInd Bank declined nearly 4 per cent after the RBI's decision to extend the incumbent CEO's term to one year against three years that was sought by the private sector lender.
The scrip of IndusInd Bank extending the losses for the fourth straight session, by declining 3.86 per cent to close at Rs 900.60 apiece. On the National Stock Exchange (NSE), it fell 3.71 per cent to conclude at Rs 901.95 per piece. During the session, the shares tanked nearly 6 per cent to hit its 52-week low of Rs 881.10 and Rs 886.40 apiece on the NSE and BSE, respectively.
In volume terms, 1.60 crore equity shares of IndusInd Bank were traded on the NSE, and 4.49 lakh shares exchanged hands on the BSE during the day.
The 30-share BSE Sensex declined 217.41 points or 0.29 per cent to settle at 74,115.17 and NSE Nifty fell 92.20 points or 0.41 per cent to close at 22,460.30.
On Friday, IndusInd Bank said the Reserve Bank of India has conveyed its approval for re-appointment of Sumant Kathpalia as Managing Director & CEO of the bank for a further period of one year with effect from March 24, 2025, till March 23, 2026.
This is the second consecutive time that the central bank approved a shorter tenure for Kathpalia than what the board had proposed.
In September last year, IndusInd Bank's board recommended a three-year re-appointment for Kathpalia.
According to experts, the move has raised concerns among investors, as the shorter extension could create uncertainty about leadership continuity. PTI HG HG SHW
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