SBI Stock Down After Rama Mohan Rao Amara Named MD

19 Dec 2024 , 11:51 AM

Following the announcement of Rama Mohan Rao Amara’s appointment as the bank’s Managing Director (MD), shares of the state-owned State Bank of India (SBI) dropped 2.2% on Thursday to an intraday low of Rs 820.10 on the BSE.

Prior to his appointment as Managing Director, Rama Mohan Rao Amara served as the State Bank of India’s “Deputy Managing Director & Chief Risk Officer.” The role of Deputy Managing Director & Group Chief Risk Office has now been assigned to Kshitij Mohan, Deputy Managing Director (SARG).

“Vide Notification No. 2/1/2024-BO.I dated 18.12.2024, issued by Department of Financial Services, Ministry of Finance, Government of India, it has been notified that- “In exercise of powers conferred by clause (b) of section 19 read with sub-section (1) of section 20 of the State Bank of India Act, 1955 (23 of 1955), the Central Government hereby appoints Shri Rama Mohan Rao Amara, Deputy Managing Director, State Bank of India as Managing Director in State Bank of India,” said the company in its filing to the exchange.

The business also said that the appointment was made for a three-year term, beginning on the day he assumed responsibility for his position.

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