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Bloomberg
Axis Bank Ltd.’s Chief Executive Officer Shikha Sharma will step down at the end of 2018, more than two years before the proposed end of her term, amid reports the regulator is questioning the lender’s performance.
The board of India’s third-largest private bank had proposed she stay through 2021 but accepted Sharma’s request for an exit on December 31, 2018, Axis Bank said in a statement in Mumbai. Shares surged 5.2 percent on Tuesday, the biggest gain since October and making the lender the best performer on the nation’s main equity index.
The Reserve Bank of India had written to Axis Bank’s board to reconsider the three-year extension proposed for Sharma due to the bank’s performance and deteriorating asset quality, the Economic Times had reported April 2, citing people it didn’t identify. Sharma has been Axis Bank’s CEO since 2009.