Axis Bank\u2019s shares jumped up to 3.70% on Tuesday, making it the top performer on the BSE Sensex as news of the bank\u2019s chief executive officer Shikha Sharma stepping down by the end of 2018 came out.<\/p>\n
Sharma will step down more than two years before the proposed end of her term, amid reports the regulator is questioning the lender\u2019s performance.<\/p>\n
At 11.05 am, Axis Bank shares were trading at Rs 537.20, Rs 19.30, or 3.73% higher.<\/p>\n
The board of India\u2019s third-largest private bank had proposed she stay through 2021 but accepted Sharma\u2019s request for an exit on Dec. 31, 2018, Axis Bank said in a statement late Monday. Sharma has been Axis Bank\u2019s CEO since 2009.<\/p>\n
The Reserve Bank of India had written to Axis Bank\u2019s board to reconsider the three-year extension proposed for Sharma due to the bank\u2019s performance and deteriorating asset quality, the Economic Times had reported April 2, citing people it didn\u2019t identify.<\/p>\n
\u201cManagement transition needs to now be managed well, failing which there could be near-term challenges to operations and growth,\u201d analysts at Macquarie Capital Securities India Pvt., led by Suresh Ganapathy, wrote in a note. \u201cMore importantly, we believe the appointment of a credible successor will be critical for the bank\u2019s performance hereon.\u201d<\/p>\n
In the year ended March 2017, an RBI audit showed Axis hadn\u2019t disclosed bad loans worth about Rs 56 billion .<\/p>\n
Banks are also being roiled by news of frauds and alleged conflicts of interest. The board of ICICI Bank Ltd. is said to be divided over whether to ask its CEO Chanda Kochhar to step down as federal authorities investigate allegations of impropriety over loans made to Videocon group.<\/p>\n","protected":false},"excerpt":{"rendered":"
Axis Bank\u2019s shares jumped up to 3.70% on Tuesday, making it the top performer on the BSE Sensex as news of the bank\u2019s chief executive officer Shikha Sharma stepping down by the end of 2018 came out. Sharma will step down more than two years before the proposed end of her term, amid reports the […]<\/p>\n","protected":false},"author":1,"featured_media":27599,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"inline_featured_image":false,"footnotes":""},"categories":[410],"tags":[],"class_list":["post-27598","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business"],"_links":{"self":[{"href":"https:\/\/blastingskyhawk.com\/english\/wp-json\/wp\/v2\/posts\/27598","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/blastingskyhawk.com\/english\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/blastingskyhawk.com\/english\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/blastingskyhawk.com\/english\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/blastingskyhawk.com\/english\/wp-json\/wp\/v2\/comments?post=27598"}],"version-history":[{"count":1,"href":"https:\/\/blastingskyhawk.com\/english\/wp-json\/wp\/v2\/posts\/27598\/revisions"}],"predecessor-version":[{"id":27600,"href":"https:\/\/blastingskyhawk.com\/english\/wp-json\/wp\/v2\/posts\/27598\/revisions\/27600"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/blastingskyhawk.com\/english\/wp-json\/wp\/v2\/media\/27599"}],"wp:attachment":[{"href":"https:\/\/blastingskyhawk.com\/english\/wp-json\/wp\/v2\/media?parent=27598"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/blastingskyhawk.com\/english\/wp-json\/wp\/v2\/categories?post=27598"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/blastingskyhawk.com\/english\/wp-json\/wp\/v2\/tags?post=27598"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}