IndusInd Bank shares dive 30% post retirement of MD, CEO

The scrip cracked 29.99 per cent to Rs 235.60 -- its 52-week low -- on the BSE even after a positive opening.

On the NSE, it dropped 29.98 per cent to Rs 235.55 -- its one year low.

However, later the scrip recovered most of the sharp early losses and was trading 4.62 per cent lower at Rs 321 on the BSE.

In a filing to BSE on Monday, the company announced that Romesh Sobti shall demit the office of Managing Director and CEO of the bank, in line with the tenure approved by the Reserve Bank of India (RBI).

The board of directors has placed on record their deep appreciation for the wide ranging contributions made by Sobti since taking over the position of Managing Director and CEO on February 1, 2008, it added.

In another filing, the company announced that the board of directors has noted that Sumant Kathpalia would take charge as additional director, designated as Managing Director and CEO of the bank for a period of three years, with effect from March 24, 2020.

(For all the latest News, Mumbai, Entertainment, Cricket, Business and Featured News updates, visit Free Press Journal. Also, follow us on Twitter and Instagram and do like our Facebook page for continuous updates on the go)

Free Press Journal

www.freepressjournal.in