Uday Kotak stepped down as the managing director and chief executive of Kotak Mahindra Bank, four months ahead of the scheduled end of his tenure on December 31, bringing to fore the succession issue.
Uday Kotaks sudden resignation on Saturday took the investor community by surprise. Kotak Mahindra Bank, with a market cap of `3.51 lakh crore, is currently the fourth-largest lender in the country. In his resignation letter to chairman Prakash Apte, Uday Kotak revealed that he had contemplated this decision and chose to step down four months before his terms conclusion.