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IndusInd Bank slips 7% as RBI reappoints MD & CEO for shorter tenure

RBI's approval for reappointment of MD & CEO being for a lower tenure compared to board approval, which was for three years, could keep stock under pressure in near term

indusind bank
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SI Reporter Mumbai
Shares of IndusInd Bank slipped 7.46 per cent to Rs 1,060 on the BSE on Monday after the Reserve Bank of India approved the reapp­oin­tment of Sumant Kathpalia as the managing director and chief executive officer (MD & CEO) for a period of two years as against the board's approval for 3 years.

"Fundamental strength and strategy to improve business mix remain on track. However, central bank's approval for reappointment of MD & CEO being for a lower tenure compared to board approval, which was for three years, could keep stock under pressure in the near-term", ICICI Securities said

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