Markets remained firm during the week despite trade and geo-political tensions. The Nifty gained in all five trading sessions – the first time since November 2017.
Uday Kotak has a rare opportunity to scale up. Asia’s richest banker has long had an eye on Axis Bank. Now, a leadership void could now make it easier.
For bank bosses, this will be a difficult period, but the extra scrutiny should result in stronger institutions.
Shares of Axis Bank today rose as much as 4 per cent in morning trade on the bourses after its CEO and Managing Director Shikha Sharma's tenure was shortened.
Axis Bank said that its long-time CEO will step down at the end of 2018, after RBI was reported to have expressed concerns about the lender giving her a 3-yr extension.
Axis Bank fell over 2% amid reports that the RBI has asked the company's board to re-consider the decision to re-appoint Sharma as its MD and CEO for a fourth term.
The RBI has asked Axis Bank's board to re-consider the decision to re-appoint Shikha Sharma as its MD and CEO for a fourth term, amid concerns over rising bad loans.
"Axis Bank's failure to honour a guarantee it issued is not a default and thus, does not affect the bank's long-term rating," it said.
Shares of major private and public sector lenders slumped as much as 2.77 pc on the BSE after coming under heavy selling pressure amid fresh developments in the PNB scam.
Axis Bank chief Shikha Sharma has said the new NPA resolution framework issued by RBI came as a surprise, but sought to downplay its impact on the bank.
HDFC BANK Q4 REVIEW
PAT at Rs 4799 Cr vs Rs 3990 Cr, up 20.2%
NII at Rs 10,658 Cr vs Rs 9,055 Cr, up 17.7%
Net Interest Margin at 4.3%
Other Income at Rs 4229 Cr vs Rs 3446 Cr, Up 22.7%
Operating Profit at Rs 8835 Cr vs Rs 7279 Cr, up 21.3%
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