South Indian Bank shares fell 19% on Friday, marking their steepest single-day decline on record, after managing director and chief executive officer PR Seshadri said he would not seek reappointment once his current term ends.
The stock opened at ₹44.26 on the NSE and slid to a low of ₹36.03, its lowest level since October 20 last year. Shares had touched a 52-week high of ₹46.84 on January 22.
Leadership Transition Details
On Thursday, the bank said its board had taken note of Seshadri’s decision not to offer himself for reappointment after the completion of his term. “He has decided to pursue activities of personal interest post completion of his current term. He will continue as managing director and CEO until September 30, 2026,” the bank said in a statement.
The board added that it would initiate the process to identify a successor, including obtaining the necessary approvals from the Reserve Bank of India and the bank’s shareholders, after shortlisting suitable candidates.
Strategic Growth Milestones
Seshadri assumed charge as MD & CEO on October 1, 2023, and played a key role in expanding the Kerala-based lender’s business beyond its home market. The bank’s total business rose to ₹2.14 lakh crore as of the December 2025 quarter from ₹1.63 lakh crore as of FY23.
Of the ₹96,764-crore loan book as of Q3FY26, 69% was sourced from outside Kerala, up from 60% at the end of December 2023, even as the branch network remained unchanged at 948.
Before joining South Indian Bank, Seshadri served as MD & CEO of Karur Vysya Bank and was managing director and regional sales and distribution head at Citibank N.A. for Asia Pacific, based in Singapore.