A majority of the ATMs in Hassan had ‘no cash’ boards put up on Tuesday.
| Photo Credit: Special arrangement
Shares of Karnataka Bank fell as much as 8.5% on Monday (June 30, 2025) and were headed for their worst session in nearly five months, a day after the bank’s top boss and a board member stepped down. The stock opened 4% lower and accelerated declines. It was last down by 8%.
On Sunday (June 29, 2025), the bank said its Managing Director and Chief Executive Officer, Srikrishnan Hari Hara Sarma had resigned citing “personal reasons, including his decision to relocate back to Mumbai.”
Karnataka Bank attributes marginal decline in net profits to RBI’s changed accounting policy
“Sekhar Rao, an executive director and a member of the board of directors, also resigned owing to personal reasons. Mr. Sarma’s resignation is effective from July 15, while that of Mr. Rao is effective from July 31,” the bank said.
“A committee has been set up to identify suitable replacements for the roles,” the bank said, adding that it is taking necessary steps to ensure operational stability.
Published – June 30, 2025 01:24 pm IST
