South Indian Bank spurts 6% as board approves candidates for top positions

South Indian Bank spurts 6% as board approves candidates for top positions

South Indian Bank Ltd

Shares of South Indian Bank Ltd jumped 6 percent in early trade today post the bank board’s approval of the panel of candidates for MD & CEO positions. At 10:46 am the South Indian Bank Ltd stock was trading 5.22 percent higher at Rs 18.20 on NSE.

According to the filing with BSE on May 31, 2023, South Indian Bank will be submitting its application to the Reserve Bank of India with the names of the candidates, seeking approval for the appointment of the new MD & CEO.

The Bank through a separate filing with BSE further disclosed several new appointments in key managerial roles stating that, “we hereby inform that Mr. Joby M C, joint general manager, head of inspection and vigilance department and Head of internal audit and chief of internal vigilance and key managerial personnel of the bank is retiring from the service of the Bank after closure of office hours on 31st May 2023 and will cease to be a key managerial personnel as per the provisions of section 2(51) (v) of the Companies Act, 2013. The Board of directors of the bank has appointed Mr. Nandakumar G, general manager as head of inspection and vigilance department and head of internal audit and chief of internal vigilance of the bank with effect from 1st June 2023.”

Stock Performance

South Indian Bank Ltd stock has considerably underperformed the benchmark Nifty Bank index over the last 5 years. The bank stock has lost 24.78 percent of its value, while the Nifty Bank benchmark index has given a return of 63.70 percent over the same duration.

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