Axis Bank's stock gained 3% and was among the top Nifty 50 gainers in today’s session on the BSE. The board of Axis Bank appointed Amitabh Chaudhry as the Managing Director and CEO of the bank after the Reserve Bank of India (RBI) granted approval of the appointment, for a period of three years, with effect from January 1, 2019 up to 31st December, 2021.
Shikha Sharma steps down on December 31, 2018. The RBI had asked Axis Bank’s board to reconsider the decision to re-appoint Sharma as its CEO for the fourth term amid concerns over rising bad loans on the bank’s books. She completed her third term as the bank’s head on May 31, 2018.
Amitabh has a proven track record and is well-experienced to lead the bank.
Axis Bank Ltd is currently trading up 3.36% at Rs666.80 from its previous closing of Rs645.15 on the BSE.
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