Federal Bank stock falls 6% after Ganesh Sankaran resigns as executive director

The bank’s executive director Ganesh Sankaran will step down with effect from Feb 15, 2019, the bank said in its stock exchange filing.

Jan 14, 2019 04:01 IST India Infoline News Service

Federal Bank
Shares of Federal Bank fell 6% on the BSE after Ganesh Sankaran, Executive Director, announced that he will step down with effect from February 15, 2019.

“Ganesh Sankaran, Executive Director on the Board of the Bank has informed of his desire to take up other opportunities in the financial services sector and thereby step down from the Board of the Bank with effect from February 15, 2019,” the bank said in the filing.

“Our well-planned succession is being executed and all key roles are being filled up to ensure robust continuity of business,” the bank added.

Federal Bank Ltd is currently trading at Rs90.05 down by Rs5.35 or 5.61% from its previous closing of Rs95.40 on the BSE.

The scrip opened at Rs94.55 and has touched a high and low of Rs94.55 and Rs89.10 respectively.

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