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Post by : Jyoti Gupta
Photo:linkedin
Shares of Karnataka Bank plunged nearly 7% on Monday after both its top executives stepped down, citing personal reasons. The sudden exits of Managing Director and CEO Hari Hara Sarma and Executive Director Sekhar Rao triggered concern among investors, sending the stock down to ₹193.97 — a 21% fall from its 52-week high of ₹245.
Sarma’s resignation will come into effect on July 15. He mentioned his decision to relocate back to Mumbai as one of the key reasons for stepping down. Meanwhile, Executive Director Sekhar Rao, who will leave office on July 31, stated his inability to shift base to Mangaluru as part of his reasons for quitting.
In response, the bank has initiated the process of leadership restructuring. A dedicated search committee has been formed to find suitable candidates for both key positions. Additionally, a senior and experienced banker has been appointed as the new Chief Operating Officer (COO), who is set to take charge on July 2. The name of the appointee has not yet been disclosed.
The bank also confirmed that interim arrangements are being made and will be subject to regulatory approval. These leadership changes come at a crucial time, and the market reaction reflects investor concern over the future course of the bank’s operations.
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