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South Indian Bank shares dive 13% as MD Ramakrishna opts out of reappointment

Bank,

Portions of Thrissur-settled South Indian Bank fell forcefully in Wednesday’s exchange after its CEO and Overseeing Chief Murali Ramakrishnan said he would look for expansion of his residency toward the finish of September 30, refering to individual reasons/family conditions. will not submit an application for “It is reported that the Bank’s Board of Directors considered the request of Murali Ramakrishnan, Managing Director & CEO, not to present himself for reappointment due to personal reasons at its meeting held today, March 28, 2023.” “The reasons/family circumstances, at the end of their current tenure, i.e. by September 30, 2023,” the lender stated in a filing.

I do not wish to be reappointed for personal reasons. I’m needed by my family. I have six additional months. All of the initiatives have been taken, so our actions will be proportionate. “In order to select a replacement, the search committee will go through a rigorous process,” Ramakrishnan has stated.

“The search committee constituted by the board will identify and evaluate suitable candidates for the position of Managing Director and CEO,” the lender stated, adding that the new MD and CEO will be announced by the end of May.

In a press conference, Ramakrishnan said that the bank has hired Hunt Partners, a leadership advisory firm, to look for internal and external candidates for the new MD and CEO position.

For the December quarter, the bank has reported a net profit of 102.75 crore. Ramakrishnan stated that the bank would be able to close FY23 with a net interest margin (NIM) of 3.20 percent, and the quarter’s NIM increased to 3.52 percent.

The stock was trading down 14.35 points each, or 13.29%. Today, approximately 89.49 million shares were traded, more than three times the two-week average volume of 27.68 million shares.

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