TMB stock ends flat as RBI rejection of proposed chairman has little impact

RBI advised private sector lender to submit a fresh proposal of another Independent Director for the post of Chairman

The stock of Tamilnad Mercantile Bank (TMB) closed flat today, perhaps taking in its stride the Reserve Bank of India’s rejection of the private lender's proposal to appoint board member B Vijayadurai as its chairman.

The bank said in filing with BSE last night that RBI had declined a request made by the lender for the appointment of B Vijayadurai as its part time non-executive chairman.

On Wednesday its stock closed 0.21 per cent lower at Rs 493 per share on BSE.

RBI advised the private sector lender to submit a fresh proposal of another Independent Director for the post