Following the re-appointment of Sumant Kathpalia as managing director (MD) and chief executive officer (CEO) of the business on Friday, the share price of IndusInd Bank increased by almost 3%.
At 10.31 am on the BSE, IndusInd Bank shares were up 2.71 percent at 1228.45 rupees. The stock earlier soared to a high of $1238.15.
Despite the market weakness, IndusInd Bank shares had strong buying support.
The major indexes of the Indian stock market, the Sensex and Nifty, were trading down more than 1%.
Sumant Kathpalia will be reappointed as the Bank's managing director and CEO for an additional three years, beginning on March 24, 2023, and ending on March 23, 2026, by the IndusInd Bank Board of Directors during its meeting on September 15, 2022.
IndusInd Bank stated in a regulatory statement to the stock markets on Thursday that the re-appointment is pending approval from the Reserve Bank of India and the Bank's shareholders.
Before joining IndusInd Bank, Kathpalia worked as a career banker at prominent international institutions, including Citibank, Bank of America, and ABN AMRO.
He was a member of the core leadership group of IndusInd Bank when it was founded 14 years ago and has been pivotal in turning the Bank around.
Sumant commanded the Core Executive Team of IndusInd Bank Limited from March 24, 2020, to the present and was instrumental in the Bank's successful business recovery. In addition to overseeing investor relations, financial management, mergers and acquisitions, the Bank's overall business strategy and execution, digitalization, compliance, and governance, he is also in charge of the Bank's mergers and acquisitions.
To emphasize customer engagement, portfolio, and risk management, support new company direction. For a better internal & external customer focus, he established a unique and robust organizational structure. According to IndusInd Bank, critical financial and commercial performance indicators significantly improved under his leadership, driving the Bank's business development.