Kotak Mahindra Bank Slumps 4%, Hits 52-Week Low Amid Market Selloff

Kotak Mahindra Bank shares plunged over 4% after joint managing director KVS Manian stepped down abruptly. Manian had been with the bank for nearly three decades. This news came after the RBI imposed restrictions on the bank for tech deficiencies. Manian's departure follows the end of Chengalath Jayaram's tenure as a non-executive director. The bank's statement did not reveal the reasons for Manian's resignation or his future plans.

Shares of Kotak Mahindra Bank on Thursday declined over 4 per cent after the company announced that its joint managing director K V S Manian, a veteran at the lender, has stepped down with immediate effect.

The private sector lender's stock tanked 4.38 per cent to hit its 52-week low of Rs 1,552.55 on the BSE.

At the NSE, it went lower by 4.40 per cent to Rs 1,552.40 -- the 52-week low.

Manian, who had been with the lender for nearly three decades, was elevated in a management rejig in January.

The surprising news of the departure came days after the RBI put severe business restrictions on the lender, including stopping it from selling new credit cards for shortcomings in its tech architecture.

A statement from the bank on Tuesday said Manian, who has led various businesses, including consumer, commercial, wholesale and private banking, has stepped down from his position with immediate effect.

The bank's statement did not mention anything about Manian's future plans or the reasons for the immediate departure.

Kotak Mahindra Bank on Wednesday said the tenure of Chengalath Jayaram as non-executive director on the board of the bank has ended on April 30.

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