Kotak Mahindra Bank share price declined more than 3% in morning trade on the BSE on Monday, 29 June, trading among the top losers in the Sensex index. The banking stock dropped 3.14% to an intraday low of ₹ 396.15. Around 11:40 am, the stock was 2.53% down at ₹398.65, while the equity benchmark Sensex was 0.15% down at 76,984.
Kotak Mahindra Bank shares witnessed some profit booking as its chief executive officer (CEO), Ashok Vaswani, said he will step down at the end of his current term on 31 December 2026. In an exchange filing, Kotak Mahindra Bank on Saturday, 27 June, said Vaswani does not wish to seek reappointment when his term ends on 31 December.
“The board has respected his decision and has initiated the process for the appointment of a new managing director and chief executive. The process will be completed within applicable regulatory timelines,” Kotak Mahindra Bank said.
(This is a developing story. Please check back for fresh updates.)
