According to a report in The Economic Times, Amitabh Chaudhry of HDFC Life is likely to be the successor to Shikha Sharma, Axis’s current CEO and MD.
Shares of Axis Bank rose around 2 percent on buzz of a management change at the bank. According to a report in The Economic Times, Amitabh Chaudhry of HDFC Life is likely to be the successor to Shikha Sharma, Axis’s current CEO and MD.
The stock touched an intraday high of Rs 641.80 and an intraday low of Rs 635.00.
The report further quoted block deal data from exchanges, which revealed that the executive sold over 11.62 lakh shares between April 26 and August 20, 2018 on the NSE.
“Amitabh has appeared for the interview and a final approval from the Reserve Bank is pending,” a source privy to the development told the publication.
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The stock was in the news recently after its market valuation took a hit of around Rs 4,700 crore. The company's market valuation diminished by Rs 4,708.84 crore to Rs 1,41,265.16 crore.
The bank also reported 46 per cent fall in net profit to Rs 701.09 crore for June quarter due to increase in provisioning for bad loans.
The bank had registered a net profit of Rs 1,306 crore in the June quarter of 2017-18.
The lender's asset quality worsened as gross non-performing assets (NPAs) rose to 6.52 per cent as on June 30 of this year, from 5.03 per cent on June 30, 2017.
Likewise, net NPAs or bad loans increased to 3.09 percent of advances furnished by June-end from 2.30 per cent a year ago.
The provisions and contingencies of the bank increased to Rs 3,337.70 crore as compared to Rs 2,341.93 crore in the same quarter of the previous year.
The stock has gained around 18 percent in the past one month, while in the past three days, it rose around 3 percent. At the close of market hours, Axis Bank was quoting at Rs 640.50, up Rs 8.70, or 1.38 percent, on the BSE.