RBL Bank shares fall 17 per cent after appointment of new CEO, MD

New Delhi:

Veteran banker R Subramanian Kumar has recently been appointed as the new Managing Director and Chief Executive Officer (CEO) of RBL Bank. Shares of RBL Bank fell 17 per cent to Rs 93 on the BSE in early trade on Monday after the appointment of the new CEO and MD. 

Vishwaveer Ahuja had resigned from this post after about 6 months due to the intervention of RBI.

Analysts at brokerage MK said in a note that the private sector lender on Saturday announced the appointment of veteran banker R Subramanian Kumar as its new MD and CEO for a period of three years. 

Subramanian Kumar is an experienced public sector banker with almost four decades of experience. If you look at his profile, he is known as a better success and troubleshooter of IOB and DHFL. 

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R Subramaniakumar appointed as new MD of RBL Bank

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However, his selection as MD and CEO of a private bank is a bit surprising for managing asset quality and reorienting bank growth.

RBL Bank came under the scrutiny of the Reserve Bank of India (RBI) in December 2021, after which the regulator appointed its CGM Yogesh Dayal as an additional director on the bank’s board for a period of two years.

Stock markets around the world are falling sharply these days. On Friday, the US market witnessed a sharp decline due to record inflation and anticipation of a recession, the effect of which was also seen in the Indian stock market as soon as the market opened today. 

As soon as the market opened this morning, the BSE Sensex opened with a fall of 1500 points. Many mid-cap and large-cap stocks declined in the stock market today due to the tsunami.

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