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Sumant Kathpalia takes over as IndusInd Bank MD and CEO, stock dips 30 pc

Business Finance


Private sector lender IndusInd Bank has said that newly-appointed Managing Director and Chief Executive Officer (CEO) Sumant Kathpalia will take charge from Tuesday for three years.

He will succeed Romesh Sobti whose tenure ended a day earlier.

Kathpalia is a career banker with over three decades of experience in large multi-national banks like Citibank, Bank of America and ABN AMRO, including his stint as Head of Consumer Banking at IndusInd Bank Ltd.

He has experience across diverse functions including strategy, sales and distribution, operations, systems, risk and credit management, and financial management.

However, his new role begins amid troubling times. Last week, IndusInd Bank said it is financially strong, well-capitalised, profitable and a growing entity with strong governance.

It said various market rumours and speculation incorrectly reflect on the bank's financial health and are totally misplaced, motivated and not based on facts.

At 10:45 am, the shares of Hindujas-backed bank were trading 30 per cent lower at Rs 235.55 per unit.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Tue, March 24 2020. 11:01 IST