In a significant development, shares of Karur Vysya Bank witnessed a noteworthy climb of over 4% during Monday morning trading.
This surge can be attributed to a recent decision made by the Reserve Bank of India (RBI).
The bank has decided to extend the tenure of its Managing Director and CEO, a decision that has been approved by the Central Bank.
Consequently, the share prices of Karur Vysya Bank experienced a noticeable increase.
B Ramesh Babu Re-elected as MD & CEO, Tenure Extended
Karur Vysya Bank has re-elected B Ramesh Babu to the position of Managing Director and CEO. His tenure has been extended for a period of three years.
According to information provided to the stock market, this decision by the Central Bank of India will come into effect from July 29, 2023.
It is worth mentioning that the bank had sought approval from the Reserve Bank of India, which was duly granted.
Impressive Stock Market Performance
At one point, shares of Karur Vysya Bank reached Rs 130.95 on the BSE, marking a gain of more than 4%.
This value is remarkably close to the bank’s 52-week high of Rs 137.70.
Over the past year, the bank’s share prices have witnessed an astonishing rise of 172%.
This means that individuals who invested in Karur Vysya Bank shares a year ago have seen their investments more than double in value.
These recent developments underscore the positive trajectory of Karur Vysya Bank and highlight its strong performance in the stock market.
