Pralay Mondal quits Axis Bank; stock falls 11% in intra-day trade

The stock dipped 8 per cent to Rs 360, falling 11 per cent from its opening level of Rs 405 on the BSE on Tuesday.

Shares of Axis Bank has dipped 8 per cent to Rs 360 on the BSE in intra-day trade, falling 11 per cent from its opening level on Tuesday after the lender informed exchanges that its executive director Pralay Mondal has cited pursuing other career opportunities and tendered his resignation. Mondal joined Axis Bank in April 2019.

“This is to inform you that Shri Pralay Mondal, Executive Director (Retail Banking) of the Bank, has today informed the Bank that he would like to pursue other career opportunities and as such has resigned from the services of the Bank, with effect from the close of business hours on Monday, 14th September 2020,” Axis Bank said in exchange filing on Monday after market hours.

The Bank under the guidance of its Nomination & Remuneration Committee has initiated the succession planning process for the said post, it said.

As per reports, Axis Bank is expected to internally hire a candidate to fill the post of Pralay Mondal. However, clarity on a new retail head is awaited.

At 02:05 pm; the stock was trading 5 per cent lower at Rs 370, after opening at Rs 405 on the BSE. In comparison, the S&P BSE Sensex was up 0.55 per cent at 33,411 points. The trading volumes on the counter jumped 1.5 times with a combined 74 million equity shares changed hands on the NSE and BSE so far.