Tamilnad Mercantile Bank MD And CEO Krishnan Sankarasubramaniam Tenders Resignation Citing Personal Reasons

The share price of Tuticorin-based Tamilnad Mercantile Bank remained in focus on Friday after the lender's Managing Director and Chief Executive Officer (CEO) Krishnan Sankarasubramaniam stepped down from his post citing personal reasons.

In an exchange filing on Thursday, the company said, "Pursuant to Regulation 30 of the SEBI Regulations, 2015 we would like to inform that Shri.S.Krishnan, Managing Director and CEO of the Bank vide his letter dated September 28, 2023, tendered his resignation citing personal reasons."

"The Board of Directors of the Bank in their meeting held today i.e., September 28, 2023, has accepted the resignation of Shri.S.Krishnan (DIN: 07261965) from the position of Managing Director & CEO of the Bank and forwarded the same to RBI for their guidance/advice," it added.

The Bank said that S.Krishnan will continue to be the MD&CEO, till guidance/advice is received from RBI, which shall be intimated in due course of time.

At 1:40 pm IST today, the share price of Tamilnad Mercantile Bank was up 0.66% at Rs 544.10 per share. S. Krishnan had joined the Bank about thirteen months back.

It must be noted that recently the Bank was in the news after it inadvertently deposited a whooping Rs 9,000 crore to the account of a Chennai cab driver. However, the transaction was soon reversed within 30 minutes.