Federal Bank executive director Ganesh Sankaran resigns; stock falls 7%

The stock slipped 7% to Rs 89 after Ganesh Sankaran, Executive Director, announced that he will step down with effect from February 15, 2019.

Shares of Federal Bank fell 7 per cent to Rs 89 per share on the National Stock Exchange (NSE) in intra-day trade, after Ganesh Sankaran, the executive director of the bank, announced that he will step down with effect from February 15, 2019. The stock was the largest loser among the Nifty Bank index.

“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 15th February 2019,” Federal Bank said in