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The stock price of RBL Bank hit a record low of Rs 92.75 as it tumbled 18 per cent on the BSE in Monday’s intra-day trade after the Reserve Bank of India (RBI) approved R Subramaniakumar’s appointment as the managing director & chief executive officer (MD & CEO) of the private sector lender.
“The RBI has approved the appointment of Mr. R Subramaniakumar as Managing Director & CEO of the Bank for a period of three years with effect from date of his taking charge,” RBL Bank said in a exchange filing on Saturday, June 11, 2022.
Previously, Subramaniakumar was the former managing director and chief executive director of state-run Indian Overseas Bank. He was also appointed as the administrator of Dewan Housing Finance Co Ltd after the mortgage financier’s board was superseded.
Last year in December, RBL’s then MD & CEO Vishwavir Ahuja went on an indefinite leave. Executive director Rajeev Ahuja was appointed as the interim Managing Director & Chief Executive Officer. Ahuja’s departure had come after the RBI appointed one of RBL’s chief general managers, Yogesh Dayal, on the lender’s board as additional director.
The stock of RBL Bank has fallen below its previous low of Rs 100.80 touched on May 12, 2022. The trading volumes on the counter jumped over four-fold with a combined 60.25 million equity shares having changed hands on the NSE and BSE.
In the past six months, the market price of the bank has more-than-halved (down 52 per cent) as against a 9 per cent decline in the S&P BSE Sensex. RBL Bank has faced multiple issues in the last couple of years on the growth front starting from the corporate book blow up till the recent Covid impact on its micro finance institutions (MFI) and cards business.
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