On the ropes, Kotak Mahindra Bank to feel fresh pain from top-level exit

The resignation (and hasty send-off) of joint MD K.V.S. Manian has only added to the problems besetting India’s fourth largest private sector bank.

The sudden exit of K.V.S. Manian last week caught many at Kotak Mahindra Bank and outside by surprise. It was only in March that he had been redesignated as joint managing director, putting him on an almost equal footing with CEO Ashok Vaswani.

The development, coming as it did days after the Reserve Bank of India came down hard on Kotak Mahindra Bank for its information technology-related issues, did not go down well with the markets. The bank’s shares corrected by almost 6% in the three trading sessions following the announcement of Manian’s exit.

Now, the shock and surprise were …

Author

Furquan Moharkan

Furquan leads the banking coverage at The Morning Context. A business journalist with eight years of experience and a best-selling author, in his earlier stints as a reporter with the Deccan Herald and a columnist at The Banker, he wrote on banking, financial markets and regulatory affairs. He has extensively covered India's debt market crisis, banking crisis and the fall of Yes Bank.

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furquan@mailtmc.com

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