Mumbai/IBNS, June 29 -- Shares of Kotak Mahindra Bank fell nearly 3 percent on Monday after the lender announced that its Managing Director and CEO, Ashok Vaswani, will not seek reappointment when his current term ends.

Kotak Mahindra Bank shares decline

The decline followed the bank's announcement regarding its leadership transition.

Ashok Vaswani to step down

Kotak Mahindra Bank said CEO and MD Ashok Vaswani has decided not to seek a fresh term after his current tenure ends on December 31, 2026.

According to the bank, Vaswani's decision was driven by personal reasons.

The lender is expected to initiate the process of identifying and appointing his successor ahead of the end of his term.

Published by HT Digital Content Services wi...