Shares of South Indian Bank Ltd. tanked nearly 10% on Wednesday, July 8 after the lender announced Reserve Bank of India's approval for the appointment of its Managing Director and CEO, Mahesh Muralidhar Pai.
South Indian Bank share price fell as much as 9.78% to Rs 43.01 apiece. The scrip was trading 6.92% lower by 10:23 am, while the benchmark Nifty 50 index was down 0.66%.
On Wednesday, the private bank informed the exchanges that the RBI gave nod for the appointment of Mahesh Muralidhar Pai as Managing Director and CEO for a three-year term, effective October 1, 2026.
With nearly three decades of experience across governance, strategy, treasury, foreign exchange, retail, agriculture and
MSME credit, Pai is currently serving as Chief General Manager at Canara Bank heading digital banking and innovation. He has handled multiple strategic initiatives of the Bank including setting up of gold loan vertical, the filing stated.
Pai has also handled in overseas operations of Canara Bank at New York, USA. He has served as Director in Canara Bank Tanazania
Ltd, and represented the Bank in Fixed Income Money Market and Derivatives Association of India (FIMMDA), Swift India Domestic Services Private Ltd and Secondary Loan Market Association.
Presently, he is also a Director in Karnataka State Financial corporation and Canara Bank Securities Ltd.
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