Federal Bank tanks 6% after Kotak Bank retains a candidate
Tue, Feb 20, 2024 12:39 PM

Federal Bank tanks 6% after Kotak Bank retains a candidate

A Flip by Shubhangi Gupta
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Federal Bank's shares took a hit of over 6% following the re-designation of Kotak Mahindra Bank's KVS Manian as joint MD. Federal Bank was reportedly considering Manian as a potential successor to Shyam Srinivasan. However, with the RBI rejecting an extension for Srinivasan, the bank turned to Manian. Last quarter, Federal Bank reported a 25% rise in net profit and a 61% jump in other income.

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