IndusInd Bank rode high till the clarification came in that Rajiv Sabharwal of Tata Capital being a serious contender for the post of CEO was completely untrue. The clarification came in yesterday during market hours and the stock slipped to a new 52-week low at Rs.1102 and today too it went down to a new low at Rs. 1085.40; it has recovered from there and is now at Rs.1112 levels.
The Bank yesterday announced in the night that RBI approved the appointment of Mr. Sumant Kathpalia, who currently heads the Bank's Consumer banking business, as the MD & CEO for 3 years.
He will take charge with effect from March 24, 2020, post the retirement of Mr. Romesh Sobti. the current MD & CEO.