South Indian Bank plunges 17% after CEO opts out of reappointment

South Indian Bank

29/03/2023 08:07

** Shares of South Indian Bank Ltd  SIBK.NS  fall as much as
~17% to 13.75 rupees, their lowest since Nov 16, 2022
    ** The bank said on Tuesday the board has considered Chief
Executive Office and Managing Director Murali Ramakrishnan's
request to not offer himself for re-appointment due to personal
reasons
    ** The search committee, established by the board, will
identify and evaluate potential candidates for the post 
    ** Stock on track to fall for an eight consecutive session,
if losses hold
    ** Stock trading below its 50- and 100-day simple moving
averages, stays above 200-day average
    ** Relative strength index (RSI) of the stock at 24, which
below the lower limit of 30, indicating it is oversold
    ** About 105.7 mln shares change hands, 6.5x the 30-day avg
of 16.3 mln shares - Refinitiv data
    ** Of the six analysts covering SIBK, four have "buy" or
"strong buy" rating, while two have "hold"; median PT is 21
rupees 
    ** Stock down ~12% this year, as of last close 

    

 (Reporting by Priya Sagar in Bengaluru)
 ((Priya.Sagar@thomsonreuters.com;))