IndusInd Bank gains 5% after board finalises new MD & CEO to replace Sobti

As mandated under the extant RBI norms, the bank has submitted an application to the Reserve Bank of India, seeking approval for the appointment of the new MD & CEO of the bank.

Shares of IndusInd Bank moved higher by 5.1 per cent to Rs 1,378.55 on the BSE on Friday after the bank announced selection of a potential successor to Ramesh Sobti, the current Managing Director and Chief Executive Officer (MD & CEO). It, however, did not name the successor. Sobti's tenure will end in March 2020, when he turns 70.

“Pursuant to the recommendation of the Nomination and Remuneration Committee, the Board of Directors of the bank, at its meeting held on Thursday, October 30, 2019, has finalised a potential candidate for the position of MD & CEO,". the bank said in