Shares of Karur Vysya Bank (KVB) fell over 5 percent on Monday after its managing director and CEO PR Seshadri resigned owing to personal reasons.

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The stock fell as much as 5.56 percent to hit intraday low of Rs 56.60 on the BSE. The scrip has declined over 38 percent since January 2019.

In a regulatory filing on Monday, the bank said, “Board of Directors of the Bank in their meeting held today has accepted the resignation of PR Seshadri. He will be relieved from the services of the Bank at the close of working hours on 31st March 2020 as per his request.”

At 1 pm, shares of Karur Vyasa Bank were trading 5.44 percent lower at Rs 56.50 on the BSE.