Private sector lender IDFC Bank on Thursday said that speculation on social media about a change in leadership at the bank was false. “We would like to clarify that these reports and market speculation stemming from it, pertaining to a change in leadership, are false,” the bank said in a notification to the stock exchanges. The clarification came after there were speculations that there may be a change in the leadership with Rajiv Lall, founder managing director & CEO, making way for a new head of the bank. The bank further added that these speculative observations seem to have been circulated with the malafide intention of misleading investors and the general public.
“The board of IDFC Bank is completely aligned with the strategic directions set by Rajiv Lall, Founder Managing Director & CEO, and the business plans spearheaded by him and his executive team,” IDFC Bank said in the statement. Earlier this week, IDFC and the Shriram Group called off a proposed merger between the two groups that was announced in July due to disagreements over the structure and valuation of the deal.