Shares of Kotak Mahindra Bank fell by over 2% following the resignation of Chief Operating Officer (COO) and Chief Technology Officer (CTO) Milind Nagnur.
Kotak Mahindra Bank shares opened at ₹1,821.00 and reached a high of ₹1,825.00, with a low of ₹1,793.05. The stock’s 52-week high stands at ₹1,942.00, while its 52-week low is ₹1,543.85.
According to a filing on January 3, 2025, Nagnur is stepping down due to personal reasons and plans to relocate to the United States to care for his family. His resignation will take effect on February 15, 2025.
The bank has put an interim structure in place to ensure smooth operations during this transition period. Nagnur’s resignation comes amid ongoing challenges for the bank’s digital operations, including an RBI-imposed embargo in April 2024. The Reserve Bank of India restricted Kotak Mahindra from onboarding new customers online and issuing fresh credit cards due to IT management deficiencies. The bank’s CEO, Ashok Vaswani, has made resolving the RBI embargo a top priority, with a new digital banking app under development to improve user experience and compliance.
As of 10:03 AM, Kotak Mahindra Bank shares were trading 1.81% lower at Rs 1,805.45.
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