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economictimes.indiatimes.com / 1 year ago
economictimes.indiatimes.com / 1 year ago
economictimes.indiatimes.com / 1 year ago
IndusInd Bank shares plunge as RBI trims extension for CEO
Subscribe to enjoy similar stories. IndusInd Bank Ltd’s shares dropped to their lowest in nearly three years after the Reserve Bank of India cut the lender’s proposed three-year extension for managing director and chief executive officer Sumant Kathpalia to one year. This isn’t the first time RBI has disagreed with banks on the tenure of their top chief.
In 2023, the regulator approved a two-year extension for Kathpalia whereas IndusInd Bank’s board had approved his reappointment for three years. In 2021, the regulator allowed a year’s extension for RBL Bank Ltd’s MD and CEO Vishwavir Ahuja as against the board’s approval of his reappointment for three years. Ahuja had led RBL Bank for more than a decade at the time.
Kathpalia has been with IndusInd for more than a decade, and in the CEO position for five years. “Given RBI’s preference for an external CEO in case of recent appointments, the odds of an external CEO at IndusInd after Mr. Kathpalia (exits) are high," said analysts from Nuvama Research.
“Should this happen, near-term earnings visibility—already impacted by a weak MFI (microfinance institutions) cycle—will become lower." At 1.24pm on Monday, IndusInd Bank shares were down 3.33% at ₹905.50 each after having dropped to ₹881.10 earlier in the day, which the benchmark indices Nifty 50 and Sensex were slightly higher than Friday's close. IndusInd Bank’s performance has been noteworthy under Kathpalia, who took over as MD and CEO during the initial covid curfews in March 2020. He had to deal with asset quality concerns and governance issues related to the bank’s lending practices, which included the evergreening of loans.
Read on livemint.comThe same topic in other media
Mint Explainer: How IndusInd Bank slipped up on foreign currency hedging livemint.com / 1 year ago
Latest lending rates in March 2025: HDFC Bank, Bank of Baroda, Canara Bank, IDBI Bank, Bank of India economictimes.indiatimes.com / 1 year ago
RBI tells IndusInd Bank board to suggest external candidates for CEO & COO position economictimes.indiatimes.com / 1 year ago
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21.05 / 10:17
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How chronic illness became a starting point for artistic alchemy for Koshy Brahmatmaj
Subscribe to enjoy similar stories.Pain is invisible; the sufferer has to make noise for it to be acknowledged, treated or accepted. Mumbai-based artist Koshy Brahmatmaj, 34, lives with chronic endometriosis, a painful condition that afflicts millions of women around the world.
21.05 / 10:17
markets
UPS
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Even at $5 trillion, Nvidia is underappreciated
Subscribe to enjoy similar stories.Nvidia is no longer the only AI chip game in town. But it is the largest by far, and the likelihood that it will be that way for the foreseeable future should count for something.It hasn’t counted for much lately.
21.05 / 10:17
markets
Digital
CEO
War
Omnicom
RK Swamy bets on integrated advertising model as global agency giants split media and creative
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markets
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SpaceX, Anthropic and OpenAI’s sprint to go public defines the AI boom’s big day
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21.05 / 09:47
markets
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FPIs exit Korea & Taiwan: Is India ready for the flow rotation?
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markets
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PI Industries’ weak core business keeps investors on edge
Subscribe to enjoy similar stories.PI Industries stock has fallen 11% over the past two trading sessions as pressure in its custom synthesis and manufacturing (CSM) business persisted. CSM revenues have now declined year-on-year for five consecutive quarters. The segment, which contributed about 75% of the agrochemicals maker’s FY26 revenue of ₹6,714 crore, saw revenue fall 16% year-on-year.Weak demand and customers’ shift to just-in-time procurement continued to weigh on the CSM business, where revenue declined 15% in the March quarter (Q4FY26), though that marked an improvement from the 32% drop in Q3FY26.Management said the global crop-protection market remains stuck in a prolonged multi-year downturn, resulting in an uneven recovery.
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‘Should I Marry a Murderer?’ has left audiences stunned but what they saw wasn’t all that bizarre
Subscribe to enjoy similar stories.In the new Netflix documentary series Should I Marry a Murderer?, Caroline Muirhead, a Scottish forensic pathologist, falls in love with Sandy McKellar, a man who, after proposing, reveals to her that he and his brother have committed a homicide. What follows is baffling: Even after Muirhead turns him in to the police, she returns to his side.
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Secured credit cards: Unlocking credit and building a credit score for millions
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Provident
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Forensic audits support corporate-fraud probes and IBC cases but still lack enforceable standards
Subscribe to enjoy similar stories.Forensic audits have gained significance in today’s world of business as they serve as a useful tool for commercial lenders to investigate fraud by borrowers and/or identify other deep-seated financial irregularities. Forensic auditors are also employed by resolution professionals to report on preferential, undervalued, fraudulent and extortionate (‘PUFE’) transactions for adjudication under India’s Insolvency and Bankruptcy Code (IBC). While there is no single universal definition, several globally recognized organizations have provided widely accepted definitions (and norms) of forensic auditing.
21.05 / 08:45
UPS
Manufacturing
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Why Dixon, Syrma and Kaynes are moving beyond smartphones: margin pressure
Subscribe to enjoy similar stories.MUMBAI: India’s listed electronics manufacturers are under pressure to defend profitability as the mobile-phone assembly boom slows, prompting a shift towards higher-value industrial electronics.Investors remained jittery through the last fiscal, driven by concerns that slowing consumer sentiment could weigh on the rapid growth that electronics manufacturing services (EMS) firms have delivered so far.In an interview with Mint, Jasbir Singh Gujral, managing director of Syrma SGS Technology Ltd, India’s second-largest listed EMS firm, said, “We’re increasingly looking to capture a larger chunk of contracts from defence, aerospace and med-tech verticals, all of which represent opportunities for original design manufacturing, and also bring significantly higher margins. We’ve already started this transition, and we plan to do more of it this fiscal.”Beyond mobile phones and laptops, EMS firms are expanding into smart metres for electricity boards, aerospace and defence subsystems, railway safety instrumentation, printed circuit boards and display assemblies, and medical devices deployed in hospitals.India’s annual mobile phone shipments have remained subdued since the covid-19 pandemic, with industry estimates pointing to a single-digit decline this calendar year from 152 million smartphones shipped last year.The margin pressure driving this shift is increasingly visible.In FY26, Syrma SGS reported an operating margin of 7.1%, up 2.3 percentage points.
