CEO Murali Ramakrishnan’s sudden decision to step down leaves the bank with an unfinished turnaround and rampant unionism, putting a question mark on its future.
Murali Ramakrishnan, the managing director and CEO of South Indian Bank, is no Aditya Puri. Yet, the reaction of the stock market to the Thrissur-headquartered bank’s announcement that he had opted against renewing his contract was as if the much celebrated former head of HDFC Bank had stepped down. South Indian Bank’s shares saw a 17% fall intraday on 29 March, a day after the announcement.
The announcement itself did not give away much. “This is to inform that the Board of Directors of the Bank, in their meeting held today, i.e., March 28, 2023, considered the request of Murali …
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.
Editor, Banking
furquan@mailtmc.com
Delhi