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The Economic Times

Debaroti Adhikary

Kotak Mahindra Bank shares fall 3% after CEO's surprise exit. What Nomura, Jefferies said

Nomura Kotak Mahindra Bank Anup Kumar Saha Jefferies Anup Saha Uday Kotak Ashok Vaswani RBI Bajaj Finance Board

Shares of Kotak Mahindra Bank fell more than 3% on Monday after the private lender's Managing Director and CEO, Ashok Vaswani, decided not to seek reappointment after his current term expires at the end of the year, citing personal reasons. Brokerages Nomura and Jefferies, however, maintained their 'Buy' ratings on the stock.

In an exchange filing on Saturday, Kotak Mahindra Bank said it has initiated the process to appoint a new Managing Director and CEO. Vaswani took charge on January 1, 2024, succeeding one of India's most iconic banking founders, Uday Kotak.

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