RBL Bank tumbles 18% on heavy volumes; stock hits record low

The Reserve Bank of India has approved R Subramaniakumar's appointment as the managing director & chief executive officer of the private sector lender.

The stock price of RBL Bank hit a record low of Rs 92.75 as it tumbled 18 per cent on the BSE in Monday’s intra-day trade after the Reserve Bank of India (RBI) approved R Subramaniakumar's appointment as the managing director & chief executive officer (MD & CEO) of the private sector lender.

 "The RBI has approved the appointment of Mr. R Subramaniakumar as Managing Director & CEO of the Bank for a period of three years with effect from date of his taking charge," RBL Bank said in a exchange filing on Saturday, June 11, 2022.

Previously, Subramaniakumar