Stocks

IndusInd Bank shares plunge 30% after retirement of Romesh Sobti as MD, CEO

PTI New Delhi | Updated on March 24, 2020 Published on March 24, 2020

Shares of IndusInd Bank on Tuesday dropped 30 per cent in morning trade after Romesh Sobti retired as Managing Director and CEO of the company.

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.

Published on March 24, 2020
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