Karnataka Bank shares fell sharply by over 8% in morning trade on Monday, reacting to the surprise resignations of its top leadership. The bank announced in an exchange filing on June 29 that Managing Director and CEO Srikrishnan Hari Hara Sarma, along with Executive Director Sekhar Rao, have stepped down citing personal reasons.
Sarma’s resignation will take effect from July 15, while Rao will exit on July 31. The sudden leadership change has spooked investors, leading to a steep drop in the stock price.
The shares opened at ₹199.50, touched an intraday high of ₹204.83, but slumped to a low of ₹190.43. The stock remains significantly off its 52-week high of ₹245.00, though still above the 52-week low of ₹162.20.
Disclaimer: The information provided is for informational purposes only and should not be considered financial or investment advice. Stock market investments are subject to market risks. Always conduct your own research or consult a financial advisor before making investment decisions. Author or Business Upturn is not liable for any losses arising from the use of this information.
