Karnataka Bank Shares Fall 7%; Deets Inside
Karnataka Bank Shares Fall 7%; Deets Inside
Karnataka Bank shares have nosedived today by almost 7 percent. The shares registered 21 percent lower than its highest price this year.
On June 30, Karnataka Bank’s share price nosedived by almost 7%. This happened after two top officers left the bank.
The Managing Director and CEO, Hari Hara Sarma, and the Executive Director, Sekhar Rao, of Karnataka Bank have both resigned. They said they were leaving because of personal reasons.
Sarma said he wants to move back to Mumbai. Rao said he cannot move to Mangaluru, where the bank is based.
The bank said it is looking for new people to take their places. A new Chief Operating Officer (COO) will start on July 2, but the name is not shared yet.
The bank's share price is now ₹193.97, which is 21% lower than its highest price this year.
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