Karur Vysya Bank tumbles after MD, CEO PR Seshadri resigns

Karur Vysya Bank slumped 5.27% to Rs 56.6 after the bank's chief executive officer (CEO) and managing director (MD) P R Seshadri resigned, citing personal reasons.

The bank informed stock exchanges on Monday that Seshadri will continue to function till the end of this financial year 2019-20.

On standalone basis, Karur Vysya Bank reported a 24.4% decline in net profit to Rs 63.33 crore on a 11.2% rise in total income to Rs 1815.24 crore in Q2 September 2019 over Q2 September 2018.

Karur Vysya Bank is a privately held Indian bank, headquartered in Karur in Tamil Nadu. The bank operates in four business segments: treasury operations, corporate/ wholesale banking operations, retail banking operations and other banking operations.

 

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