Karur Vysya Bank MD & CEO P R Seshadri resigns; stock slips nearly 5%

Karur Vysya Bank's managing director (MD) and chief executive officer (CEO) P R Sheshadri has resigned owing to personal reasons. The bank's board of directors accepted his resignation in their meeting held on Saturday.

Sheshadri will continue to function until March 31, 2020, which is the end of the financial year 2019-20 (FY20).

Also Read: Karur Vysya Bank reports rise of 19% in Q4 net profit; Board proposes dividend of Rs 0.60 per share

"We hereby advise that Shri P R Seshadri, Managing Director & CEO submitted his resignation vide letter dated 04th January 2020 owing to his personal reasons. Board of Directors of the Bank in their meeting held today has accepted the resignation of Shri P R Seshadri," Karur Vysya Bank said in a BSE filing.

Meanwhile, the bank's stock was trading 4.85% lower at Rs 56.85 compared to its previous close of Rs 59.75 on BSE.

Also Read: Karur Vysya Bank Q3 profit drops 70% as bad loans spike