Kotak Mahindra Bank drops after CEO Ashok Vaswani to step down; board initiates CEO succession

Kotak Mahindra Bank declined 2.51% to Rs 398.75 after the bank announced that its managing director and chief executive officer (CEO), Ashok Vaswani will not seek re-appointment upon the completion of his current term on 31st December 2026.

The bank said Vaswani informed the board of his decision for personal reasons. At its meeting held on 27 June 2026, the board accepted his decision and has initiated the process for the appointment of a new managing director (MD) & CEO. The process will be completed within applicable regulatory timelines.

Kotak Mahindra Bank is the flagship company of the Kotak Group and has diversified operations covering commercial vehicle financing, consumer loans, corporate finance, and asset reconstruction. Through its subsidiaries, the bank is engaged in investment banking, equity broking, securities-based lending, and car finance.

The bank reported a 13.37% jump in standalone net profit to Rs 4,026.55 crore on 3.46% increase in total income to Rs 17,291.10 crore in Q4 FY26 over Q4 FY25.

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