Axis Bank dismisses CEO resignation buzz, stock jumps 2.8% | business-news | Hindustan Times
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Axis Bank dismisses CEO resignation buzz, stock jumps 2.8%

Axis Bank says news of CEOs resignation false, speculative and is being circulated with the mala fide intention of misleading the investors and the general public.

business Updated: Mar 23, 2017 18:39 IST
HT Correspondent
(HT photo)

Axis Bank on Wednesday dismissed rumours that its managing director and CEO Shikha Sharma was resigning, helping its shares recover from Tuesday’s fall.

“The news appearing in section of social media stating the impending resignation of the MD & CEO of the Bank, which please note is false, speculative and is being circulated with the mala fide intention of misleading the investors and the general public,” Axis Bank said in a clarification to the BSE.

The clarification helped shares of Axis Bank rise as much as 2.8% to 502.40 at the NSE.

Axis Bank has been under pressure over a sharp fall in third quarter profits along with Income Tax Department raids on some of its branches post-demonetisation.

There is also a buzz about the bank’s merger with Kotak Mahindra Bank.

Axis Bank had reported 73% decline in net profit to Rs 580 crore for the October-December quarter on account of rise in bad loans. (With inputs from PTI)