Kotak Mahindra Bank's senior retail banking executive resigns; shares decline

A senior retail banking executive of Kotak Mahindra Bank Ltd has resigned, following which the lender's shares have declined on January 30. Ambuj Chandna, head of consumer products at the private lender, has resigned, the bank confirmed. At 2:15 pm, the Mumbai-headquartered lender's shares were trading 1.4% lower at Rs 1,894 apiece.

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26 Aug, 2025 12:21

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A senior retail banking executive of Kotak Mahindra Bank Ltd has resigned, following which the lender's shares have declined on January 30.

Ambuj Chandna, head of consumer products at the private lender, has resigned, the bank confirmed.

At 2:15 pm, the Mumbai-headquartered lender's shares were trading 1.4% lower at Rs 1,894 apiece.

“Ambuj Chandna, Head of Consumer Products, has decided to pursue new opportunities outside the Bank after a successful tenure with us. We thank Ambuj for his contributions and wish him success in his future endeavours. Leadership changes are a natural part of our organisation's evolution, reflecting the dynamic nature of career growth and progression and the deep bench strength at Kotak. We will announce a new leader for this role in short order. We remain committed to maintaining strong leadership and continuing our growth trajectory," said official spokesperson of Kotak Mahindra Bank.

The exit comes months after Virat Diwanji, Group President and head of consumer bank, stepped down from his role on July 31 on account of his superannuation.

Earlier this month, Chief Operating Officer and Chief Technology Officer Milind Nagnur also stepped down citing personal reasons.

In his resignation letter, Milind Nagnur stated that he intends to return to the US to care for family members. The resignation, dated January 3, confirmed that his final day at the bank would be February 15, 2025.

Ashok Vaswani took over as MD and CEO of Kotak Mahindra Bank on January 1, 2024. In September 2023, Uday Kotak, founder of Kotak Mahindra Bank, decided to step down from the MD and CEO position.