Kotak Mahindra shares hit 52-week low after KVS Manian resigns

Shares of Kotak Mahindra Bank declined over 4 per cent after the company announced the stepping down of banking veteran KVS Manian from the position of joint managing director with immediate effect. Manian been with the private lender for nearly three decades and was recently elevated to the position in a management rejig. The private lender’s stock tanked 4.38 per cent to hit its 52-week low of Rs 1,552.55 on the BSE and 4.40 per cent lower to settle at 1,552.40 at the NSE. However, the share prices staged a recovery by nearly 2 per cent in the later part of the session.