Kotak Mahindra Bank Shares Plunge 4%, Hit 52-Week Low

New Delhi, May 2 (PTI) Shares of Kotak Mahindra Bank on Thursday declined over 4 per cent after the company announced that its joint managing director K V S Manian, a veteran at the lender, has stepped down with immediate effect.

The private sector lender's stock tanked 4.38 per cent to hit its 52-week low of Rs 1,552.55 on the BSE.

At the NSE, it went lower by 4.40 per cent to Rs 1,552.40 -- the 52-week low.

Manian, who had been with the lender for nearly three decades, was elevated in a management rejig in January.

The surprising news of the departure came days after the RBI put severe business restrictions on the lender, including stopping it from selling new credit cards for shortcomings in its tech architecture.

A statement from the bank on Tuesday said Manian, who has led various businesses, including consumer, commercial, wholesale and private banking, has stepped down from his position with immediate effect.

The bank's statement did not mention anything about Manian's future plans or the reasons for the immediate departure.

Kotak Mahindra Bank on Wednesday said the tenure of Chengalath Jayaram as non-executive director on the board of the bank has ended on April 30.