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Karnataka Bank Share Falls: The stock of Karnataka Bank has seen a big decline after the news of the resignation of the CEO and director of the bank on Monday, 30 June. During the early trade, its shares fell down to about 8 percent and its price came to 190 rupees. The bank shares saw a decline of 5.96 percent in the bank shares around 11 am. After that it was trading at the price of 195.28. So far, its stocks have fallen by about 8 percent.
Earlier, it was reported that Karnataka Bank Executive Director Shekhar Rao and CEO Krishnan Hari Hari Sharma have resigned. In an information sent by the Karnataka Bank on June 29, the stock market was told that the resignation of Executive Director Shekhar Rao and the resignation of CEO Srikrishnan Hari Hara Sarma will be effective from July 15.
Share fell due to news of resignation
Srikrishnan Hari Hari Sharma was appointed as the CEO of the bank in May 2023. He has about 40 years of experience in the banking sector and was appointed for a three -year term.
According to Moneycontrol reports, even though the reason behind the resignation of these two officers is being said to be personal, but the main differences between the two top officials and the board regarding a special expenditure of the bank are the reason for this.
Resignation due to estrangement
It is being said that in May of 2025, differences emerged between the two top officials and the bank’s board. It came at a time when a consultant was commented on a consultant hire and a spending of 1.53 crore for other purposes in the Afne note in the wake of the bank’s statutory auditors. Auditors say that this expenditure was not approved by the board as it was out of the jurisdiction of the bank’s hole time directors.
