New Delhi, Jan. 30 -- South Indian Bank share price faced sharp selling pressure in trade on Friday, January 30, tumbling nearly 19% to hit its lowest level in over three months at around Rs.36 apiece. The steep decline in the bank stock came after the lender announced that Managing Director and CEO PR Seshadri will not seek reappointment after the completion of his current term.

In an exchange filing on Thursday, the bank said that Seshadri has informed the board of his decision not to seek reappointment, citing personal reasons. However, he will continue in the role of Managing Director and CEO until the end of his current term, which runs through September 30, 2026.

The board also said it has decided to initiate the process of identi...