Kotak Mahindra Bank shares drop over 3% as CEO Ashok Vaswani opts out of second term

Kotak Mahindra Bank shares declined more than 3 percent in morning trade on 29 June after CEO Ashok Vaswani informed the exchanges that he will not seek reappointment when his term ends on 31 December 2026. The stock fell to an intraday low of around 396 rupees, trading among the top losers on the Sensex. The bank said the board has accepted his decision and initiated the process to appoint a new MD and CEO within applicable regulatory timelines.