Private lender Kotak Mahindra Bank shares fell nearly 3% after the opening bell on Monday, June 29 as the lender's CEO Ashok Vaswani informed the board that he will not seek reappointment following the end of his current term.
Kotak Mahindra Bank share price slipped as much as 2.79% to Rs 397.6 apiece. The scrip was trading 2.68% lower by 9:31 am, while the benchmark Nifty 50 was 0.01% up.
In an exchange filing on Saturday, the private sector lender said Vaswani's current term will conclude on Dec. 31, 2026. The bank said he decided against seeking another term for personal reasons.
"The Board has, at its meeting held today, 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," Kotak Mahindra Bank said in the filing.
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