One of India's foremost private banks, Kotak Mahindra Bank or Kotak Bank, saw its shares dip by over 2 per cent in the intraday trade on Monday, January 6.

Kotak Bank CTO/COO Quits

This came to pass after a major development at the bank's administrative level. In an exchange filing issued on January 3, post trading hours on Friday, it was informed that the company's Chief Operating Officer and Chief Technical Officer, Milind Nagnur, have resigned from their posts.

Nagnur has cited personal reasons behind his resignation.

In the resignation letter, Nagnur said, "Due to personal reasons, please accept my resignation from the firm. I am resigning for personal reasons and plan to relocate back to the US to care for family members. Our agreed upon final date for me at the firm will be Feb 15, 2025. I am deeply grateful to yourself, and to my former managers Uday and Dipak, as well as to all the board members for their unwavering support and guidance throughout this journey of tech transformation."

"I feel blessed to have been part of this wonderful company, and eagerness to assist the firm in the future, as required by the company. I am immensely grateful to the countless number of friends, colleagues and mentors for making this journey so worthwhile. Thank you for letting me learn from you and be a part of your lives."

Kotak Mahindra Bank Shares

The company shares saw a major dip in their value on Monday, January 6. This also comes at a time when the equity markets are looking at another crucial earnings season for the quarter that ran from October until December 2024.

Kotak Mahindra Bank shares opened at Rs 1,821.00 far below the closing of Rs 1,838.65 attained on Friday, January 3.

Further, as the day progressed further, the company shares dipped even further. At the time of writing, the shares of the private bank dipped to Rs 1,793.10, going below the Rs 1,800 mark.

This came to pass after a decline of 2.48 per cent or Rs 45.55 in th early hours of the day's trade on Monday.