Axis Capital MD & CEO Dharmesh Mehta quits

Dharmesh Mehta has stepped down as the managing director and chief executive of Axis Capital to "pursue other interests", an official statement said.

The investment banking arm of the third largest private sector lender has elevated Salil Pitale and Chirag Negandhi as joint managing directors and co-chief executive officers, it said.

Mehta has reportedly put in a bid to acquire the broking and investment banking division of IDFC Bank and was asked to proceed on leave by Axis Bank.