Axis Bank shares recover from 3% fall as board trashes reports of reconsidering Shikha Sharma’s 4th term

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Published: April 2, 2018 2:08:14 PM

Shares of India's third-largest private sector lender Axis Bank recovered a little from over a 3% plunge on Monday as bank's board trashes reports of RBI saying to reconsider MD & CEO Shikha Sharma for the fourth term.

At the time of writing, shares of Axis Bank were trading 2.16% down at Rs 498.4 on Monday. (Image: Reuters)

Shares of India’s third-largest private sector lender Axis Bank recovered a little from over a 3% plunge on Monday as bank’s board trashes reports of RBI saying to reconsider MD & CEO Shikha Sharma for the fourth term. “The Bank’s board follows a standard process with regard to senior appointments and forwards its recommendations to the regulator (to the extent required). This process is currently in progress,” Axis Bank said in an exchange filing. “We have no further comments to offer as the report appearing in the media is speculative,” Axis Bank added. Earlier today morning, a news report citing unidentified sources said that the Reserve Bank of India has asked the board of Axis Bank to reconsider the fourth term it gave to MD & CEO Shikha Sharma.

At the time of writing, shares of Axis Bank were trading 2.16% down at Rs 498.4 on Monday. In the morning deals, the stock of Axis Bank shed as much as 3.32% to a day’s low of Rs 492.5 on BSE while the stock tanked 3.58% to a day’s low of Rs 492.2 on NSE. A normal trading volume has been witnessed in the shares of Axis Bank, as at 1:54 pm, more than 55.5 lakh shares exchanged hands on both NSE and BSE with about 52 lakh shares on NSE alone.

Meanwhile today, Indian equities inched higher in the afternoon trades with Sensex rising over 200 points and Nifty nearing the 10,200-mark. The S&P BSE Sensex surged as much as 245.36 points to a day’s peak of 33,214.04 whereas NSE Nifty added 83.85 points to mark a day’s top of 10,197.55. Shares of India’s third largest bank ICICI Bank were the biggest laggards among the blue-chip components of the key equity indices Sensex and Nifty after the investigative agency started a preliminary enquiry in the case related to a loan granted to Videocon Group in a 10-bank lending consortium. The stock of ICICI Bank made a bottom of Rs 258.8, down 7.02% on NSE today.

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