IndusInd Bank share price fell over 3% after the private lender’s MD & CEO Sumant Kathpalia resigned from his post. IndusInd Bank shares fell as much as 3.21% to ₹810.40 apiece on the BSE.
Private lender IndusInd Bank on Tuesday announced that Sumant Kathpalia has stepped down as the managing director and chief executive officer (CEO) of the bank with immediate effect amid ongoing investigations into discrepancies in the accounting of its derivatives portfolio.
Meanwhile, IndusInd Bank also announced that it has received approval from the Reserve Bank of India (RBI) to constitute a “Committee of Executives”, to discharge the duties, roles and responsibilities of the CEO of the bank, for an interim period until a permanent CEO is appointed by the Bank.
“Based on the RBI Approval, the Board has constituted such “Committee of Executives” to oversee the operations of the Bank, under the oversight and guidance of the Oversight Committee of the Board till a new MD&CEO of the Bank assumes charge or a period of 3 months from the date of relieving the incumbent MD&CEO, whichever is earlier,” IndusInd Bank said in a regulatory filing on April 30.
At 9:30 AM, IndusInd Bank share price was trading 2.74% lower at ₹814.35 apiece on the BSE.
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