Kotak Mahindra Bank Shares Down Over 3 PC

New Delhi: Shares of Kotak Mahindra Bank declined over 3 per cent on Monday morning trade after the firm said its MD and CEO Ashok Vaswani will quit upon completion of three-year tenure and will not seek re-appointment when his current term ends on December 31, 2026.

The stock slipped 3.14 per cent to Rs 396.15 on the BSE.

At the NSE, the stock dropped 3.19 per cent to Rs 395.95.

Veteran banker Vaswani assumed charge as the managing director (MD) and CEO of the bank on January 1, 2024. He had worked with Barclays and Citigroup previously.

Ashok Vaswani, Managing Director & CEO of the bank, has informed the board that, for personal reasons, he does not wish to seek re-appointment upon completion of his current term on December 31, 2026, Kotak Mahindra Bank said in a regulatory filing on Saturday.

The board has respected his decision and has initiated the process for the appointment of a new Managing Director & CEO.

The process will be completed within applicable regulatory timelines, it said.

(Disclaimer: Except for the headline, this article has not been edited by HDFC Sky editorial team and is auto-generated from PTI feed.)