IndusInd Bank Rises On New CEO Appointment; Veteran Rajiv Anand To Take Charge

The appointment comes 3 months after former CEO Sumant Kathpalia stepped down in April, over a ₹1,960-crore loss linked to derivatives trading.

IndusInd Bank’s shares surged 5% in early trade on Tuesday, after the private lender announced the appointment of Rajiv Anand as Managing Director and Chief Executive Officer for a three-year term starting August 25.

His appointment was confirmed after receiving clearance from the Reserve Bank of India (RBI), which holds the final authority on top banking appointments.

Rajiv Anand, a banking industry veteran, was most recently the Deputy Managing Director at Axis Bank. With over 35 years of experience in the banking and financial sector, he brings deep expertise in scaling retail and corporate businesses, along with strong credentials in capital markets, treasury, and asset management, IndusInd Bank said in a press release on August 4.

His appointment comes three months after the resignation of former CEO Sumant Kathpalia, who stepped down in April after taking ‘moral responsibility’ for a ₹1,960-crore loss linked to misaccounted internal derivative trades.

According to reports, Anand was selected from a shortlist of three candidates, which also included Rahul Shukla and Anup Saha.

IndusInd Bank reported a 68% decline in standalone net profit to ₹684 crore for the quarter ended June 30, impacted by lower loan growth and higher provisions for potential bad loans.

On a consolidated basis, profit declined 72% to ₹604 crore, while net interest income fell 14% to ₹4,640 crore. However, the numbers beat street estimates.

While retail sentiment for the stock turned ‘bearish’ from ‘neutral’ on Stocktwits, it was among the top five trending stocks on the platform as of 09:20 a.m. IST.

Year-to-date (YTD), the stock has shed nearly 15%.

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