Shares of South Indian Bank Ltd. plunged the most in over two years after its Managing Director and Chief Executive Officer Murali Ramakrishnan opted out of reappointment.
The bank will constitute a search committee to identify candidates for the positions of managing director and chief executive officer, it said in an exchange filing.
Shares of the lender tumbled as much as 16.92% intraday, the most since Dec. 22, 2020. The stock was trading 12.99% lower at Rs 14.4 apiece as of 10 a.m., compared to a 0.40% gain in the benchmark Nifty 50.
The total traded volume so far on Wednesday stood at 21 times its 30-day average. The relative strength index was at 24, implying that the stock may be oversold.
Of the five analysts tracking the company, three maintain a 'buy' rating, and two recommend a 'hold' on the stock, according to Bloomberg. The average of 12-month consensus price target implies an upside of 52.8%.
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