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IndusInd Bank stock tumbles over 7 pc

Press Trust of India  |  New Delhi 

Shares of IndusInd Bank on Tuesday dropped over 7 per cent after Romesh Sobti retired as Managing Director & CEO of the company.

The scrip cracked 29.99 per cent to Rs 235.60 -- its 52-week low -- on the BSE during the day even after a positive opening. It later closed at Rs 312.35, down 7.19 per cent.

At the NSE, it dropped 6.79 per cent to close at Rs 313.60. In terms of traded volume, 18.57 lakh shares of the company were traded on the BSE and 3.72 crore units on the NSE during the day.

In a filing to the BSE on Monday, the company said Romesh Sobti shall demit the office of Managing Director & CEO of the bank, in line with the tenure approved by the RBI.

The board has placed on record their deep appreciation for the wide ranging contributions made by Sobti since taking over the position of Managing Director & CEO on February 1, 2008, it added.

In another filing, the company announced that the board has noted that Sumant Kathpalia would take charge as Additional Director, designated as Managing Director & CEO of the Bank for a period of three years, with effect from March 24, 2020.

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

First Published: Tue, March 24 2020. 17:08 IST