SBI shares drop 2% on Rama Mohan Rao Amara’s appointment as new MD
State Bank of India (SBI) fell by 2.2% on Thursday to an intraday low of Rs 820.10 on the BSE as the company announced the appointment of Rama Mohan Rao Amara as the Managing Director (MD) of the bank.
“Vide Notification No. 2/1/2024-BO.I dated 18.12.2024, issued by Department of Financial Services, Ministry of Finance, Government of India, it has been notified that- “In exercise of powers conferred by clause (b) of section 19 read with sub-section (1) of section 20 of the State Bank of India Act, 1955 (23 of 1955), the Central Government hereby appoints Shri Rama Mohan Rao Amara, Deputy Managing Director, State Bank of India as Managing Director in State Bank of India,” said the company in its filing to the exchange.
The company further informed that the appointment has been made for a period of 3 years, which will take effect from the date of assumption of the charge of his post.
Rama Mohan Rao Amara previously held the position of ‘Deputy Managing Director & Chief Risk Officer at the State Bank of India until he was appointed the Managing Director. Meanwhile, Kshitij Mohan, Deputy Managing Director (SARG) has been now entrusted with the responsibility of Deputy Managing Director & Group Chief Risk Office.
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