Federal Bank slumps over 6.5%

Federal Bank is one of the big losers on the BSE, going down over 6.5% to Rs.89.10. The mood on the counter remains bearish.

The stock price is down on news that the Executive Director of the Bank, Ganesh Sankaran announced that he will be stepping down, with effect from 15th Feb, 2019.

Naturally, with so much happening in the banking sector, the market is perturbed that there is another high profile exit from a bank. Though Mr.Sankaran stated that he is stepping down as he plans to take up other opportunities in the financial services sector, the market is worried about the bank getting the right candidate to fill this new gap.

The Bank is meeting on 17th Feb to consider and approve consideration of un-audited financial results of the Bank for the period ended December 31, 2018.