Axis Bank nudges higher after denying CEO's resignation rumours

Axis Bank was up 0.2% to Rs 489 at 14:26 IST on BSE after the bank denied rumours of resignation of its MD & CEO Shikha Sharma.

Meanwhile, the S&P BSE Sensex was down 227.10 points or 0.77% at 29,258.35.

On the BSE, 12.44 lakh shares were traded on the counter so far as against the average daily volumes of 6.03 lakh shares in the past one quarter. The stock was volatile. The stock rose as much as 2.94% at the day's high of Rs 502.35 so far during the day. The stock lost as much as 0.75% at the day's low of Rs 484.30 so far during the day.

The stock had hit a 52-week high of Rs 638 on 7 September 2016 and a 52-week low of Rs 417.55 on 11 April 2016. The stock had underperformed the market over the past one month till 21 March 2017, sliding 3.29% compared with the Sensex's 2.52% rise. The scrip had also underperformed the market over the past one quarter, gaining 6.57% as against the Sensex's 12.36% rise.

The large-cap bank has equity capital of Rs 478.77 crore. Face value per share is Rs 2.

Axis Bank, in a clarification issued before market hours today, 22 March 2017, stated that the information on the bank's MD & CEO Shikha Sharma's resignation is false, speculative and is being circulated with the malafide intention of misleading the investors and the general public.

Axis Bank's net profit dropped 73.4% to Rs 579.57 crore on 15.7% growth in total income to Rs 14501.21 crore in Q3 December 2016 over Q3 December 2015.

Axis Bank is one of the biggest private sector banks in India.

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