Kotak Mahindra Bank Shares Down; CEO Vaswani Not Re-Appointing

New Delhi, Jun 29 (PTI) Shares of Kotak Mahindra Bank declined over 3 per cent on Monday after the bank said its MD and CEO Ashok Vaswani will quit upon completion of three-year tenure and not seek re-appointment when his current term ends on December 31, 2026.

The bank's stock edged lower by 3.24 per cent to end at Rs 395.75 on the BSE. During the day, it shed 3.60 per cent to Rs 394.25.

On the NSE, the stock fell 3.30 per cent to Rs 395.50.

The stock was the biggest laggard in the Sensex pack.


The company's market valuation eroded by Rs 13,177.32 crore to Rs 3,93,633.09 crore.

Veteran banker Vaswani had assumed charge as the managing director (MD) and CEO of Kotak Mahindra Bank on January 1, 2024. He had worked with Barclays and Citigroup previously.

Ashok Vaswani, Managing Director & CEO of the bank, has informed the board that, for personal reasons, he does not wish to seek re-appointment upon completion of his current term on December 31, 2026, Kotak Mahindra Bank said in a regulatory filing on Saturday.

The board has respected his decision and has initiated the process for the appointment of a new Managing Director & CEO.

The process will be completed within applicable regulatory timelines, the filing said.