IndusInd Bank Share Price: IndusInd Bank’s shares declined over 3 per cent to hit an intraday low of Rs 810.05 apiece on the NSE on April 30, 2025. The stock declined after the company’s managing director and CEO, Sumant Kathpalia resigned from his post.
Sumant Kathpalia IndusInd Bank Resignation
On April 29, IndusInd Bank informed the exchanges that Sumant Kathpalia had resigned from his post at the bank. Kathpalia said in his letter that he wishes to submit his resignation taking responsibility for an accounting lapse in the private sector lender’s derivatives portfolio.
“..in relation to the ongoing derivatives discussion, I undertake moral responsibility, given the various acts of commission/omission that have been brought to my notice. I would request that my resignation be taken on record at close of working hours today. I would like to thank the regulators, board, my management team members and staff for the support I got during my tenure of five years as the CEO,” Kathpalia said.
Notably Kathpalia’s resignation is the second exit from the top brass of the bank in a span of two days. Earlier on April 28, IndusInd bank’s deputy CEO Arun Khurana also resigned from his post. Khurana cited oversight in managing the lender’s treasury front office in his resignation letter.
“Considering the recent unfortunate developments... I hereby resign, effective immediately,” Khurana wrote in his resignation letter.
The two exits from the top brass have come after the bank found discrepancies in its derivatives portfolio. Earlier in 2024, the company found discrepancies in its businesses around the September-October period. The company also hired an external agency following the Reserve Bank of India's (RBI's) master directions on derivative portfolio of lenders.
Following the two exits, the bank said in an exchange filing that it has sought and received approval from the RBI to form a committee of executives to discharge the duties of the chief executive officer (CEO) of the Bank on an interim basis. The private sector lender added that the committee will comprise Soumitra Sen (head – consumer banking) and Anil Rao (chief administrative officer) as members of the said committee.
The bank added in the filing that it will also form an oversight committee which will be chaired by the chairman of the board and comprise the chairs of audit committee, the compensation and nomination & remuneration committee and the risk management committee, as members.
IndusInd Bank Share Price History
In a year, shares of IndusInd Bank have declined over 45 per cent on the NSE. On a year-to-date basis the private sector lender’s stock has fallen over 14 per cent, and in six months, the stock has declined over 22 per cent. In the last 30 days, the shares of the company have gained over 22 per cent, and in five days, the stock has climbed over 3 per cent.
At the time of writing, shares of IndusInd Bank were trading at Rs 819.25 apiece, down by 2.11 per cent on the NSE.
