South Indian Bank shares witnessed a sharp sell-off in early trading, plunging nearly 13% in morning deals, after the bank informed exchanges about a key leadership decision involving its top management. As of 9:19 AM, the shares were trading 12.88% lower at Rs 38.56.
Shares of South Indian Bank came under heavy pressure after the board said it has considered a request from Managing Director and Chief Executive Officer P R Seshadri, who has chosen not to offer himself for reappointment once his current tenure ends.
According to the bank’s official communication, Seshadri has decided to pursue activities aligned with his personal interests after completing his present term. However, the bank clarified that there is no immediate leadership vacuum, as he will continue to serve as Managing Director and CEO until September 30, 2026.
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