Jammu, May 2 -- The shares of one of India's leading private sector banks saw a significant decline yesterday, falling to their lowest price in over a year. Kotak Mahindra Bank witnessed its stock value decrease over 4% on the BSE and NSE exchanges after a key leadership announcement.

The bank stated that KVS Manian, who had been with the institution for nearly three decades serving in various critical roles, had stepped down from his position as Joint Managing Director with immediate effect. Manian was recently elevated to the role and had decades of experience guiding different business verticals within the bank including commercial, wholesale, private and consumer banking operations.

Investors reacted negatively to the news of Manian...