Federal Bank shares slip as much as 6% in the morning trade after private lender Kotak Mahindra Bank on Monday announced the re-appointment of KVS Manian as its Joint Managing Director. The news comes as a negative for Federal Bank as reports last week suggested that KVS Manian is expected to join as their MD & CEO.
The bank turned to Manian after the Reserve Bank of India rejected its plea to extend Srinivasan’s tenure for one year. Srinivasan, who took charge of the Aluva-based private sector lender in 2010, was eligible for an additional year.
At 10:40 AM, Federal Bank shares were down 6.8% at Rs 151.85 on the NSE.
