Shares of Karur Vysya Bank Ltd fell as much as 5.4 percent on Monday to an intraday low of Rs 56.40 apiece after the private lender informed that its Managing Director & CEO P R Seshadri has submitted his resignation citing personal reasons.
"We hereby advise that Shri P R Seshadri, Managing Director & CEO submitted his resignation vide letter dated 04th January 2020 owing to his personal reasons," the bank said in its BSE filing.
"He will be relieved from the services of the Bank at the close of working hours on 31st March 2020 as per his request," it further added.
The bank's board of directors have accepted the resignation of P R Seshadri from his position.
Headquartered in Karu, Tamil Nadu, the bank primarily operates in treasury, corporate/wholesale banking and retail banking segments.