India's Federal Bank sinks 6% after CEO candidate extends stay at Kotak

Federal Bank

20/02/2024 04:45

** Shares of Federal Bank Ltd  FED.NS  down 6.3% at 152.75
rupees, their biggest fall since May 2023
    ** Kotak Mahindra Bank  KTKM.NS  up 1%, top gainer on Nifty
financials  .NIFTYFIN , which is up 0.1%
    ** Kotak names veteran KVS Manian as joint MD
    ** Federal Bank had short-listed Manian as CEO candidate,
per media reports last Thurs, triggering a 10% stock jump in two
sessions
    ** Last month, RBI asked Federal Bank for two CEO candidates
after co sought 1-yr extension to CEO Shyam Srinivasan's term
    ** Federal Bank stock turns YTD negative, down 1.9%, while
Kotak is down 8% and Nifty financials are off 4%

 (Reporting by Nandan Mandayam in Bengaluru)
 ((Nandan.Mandayam@thomsonreuters.com; Mobile: +91 9591011727;))