Kotak Mahindra Bank hit a day low of ₹396.15 on Monday, falling over 3% after CEO Ashok Vaswani said he will not seek a second term.

The announcement came via an exchange filing on Saturday, June 27. Vaswani cited personal reasons for stepping away and confirmed he will not seek re-appointment once his three-year tenure wraps up at the end of this year.

Vaswani took charge at Kotak on January 1, 2024, bringing with him decades of experience from global banking.

Before joining Kotak, he had served in senior roles at Barclays and Citigroup, making him a well-known name in the industry. His exit, coming just three years into the role, caught markets off guard.

The bank’s board said it has accepted his decision and wasted no time in starting the search for a replacement. The new MD and CEO appointment is expected to be completed within regulatory timelines set by RBI.

Markets did not take the news well. The stock opened at ₹403.50 against a previous close of ₹409 and kept falling through the morning session.

On a year-to-date basis, Kotak shares are down about 10%, which is a stark underperformance compared to the BSE Bankex, which has only fallen around 2% in the same period.

The stock had touched a 52-week low of ₹345.40 in April this year and a 52-week high of ₹452.98 last October.

At 13:39 pm, Kotak Mahindra Bank shares were trading at ₹396.90 on BSE, down 2.90% for the day.

Feeling overwhelmed by the markets? Let Tradz by EquityPandit be your guide. Our user-friendly app simplifies complex data and provides actionable trading signals. Download the app today and trade with confidence!