Earlier this month, Sharma had requested the Board that she may be relived in December. The bank had earlier given her a new three-term beginning June 1.
Dharmesh Shah of ICICIdirect.com recommends buying Bajaj Finserv with target at Rs 6095 and stop loss at Rs 5190 and has a buy also on Munjal Showa with target at Rs 269 and Stop loss at Rs 208.
Besides, the ministry is keen to take the ETF route to sell off government shares held through SUUTI in private companies -- ITC, Axis Bank and L&T, an official told PTI.
Insurance companies are witnessing a rise in demand for errors and omissions as well as directors and officers liabilities cover from financial institutions
With much at stake for ICICI Group as an institution, the board may have to make more amends to restore faith of investors and depositors in the bank and towards its CEO.
Most fund managers on conditions of anonymity said there was no cause for panic at the moment.
The market breadth was in favour of the advances with 936 stocks advancing while 746 declined and 362 remained unchanged. On the other hand, in the BSE, 1348 stocks advanced and 1142 declined and 150 remained unchanged.
"While gross and net NPA stood at 5.28 percent and 2.56 percent, respectively, at the end of December 2018, we feel the pain is not yet over especially after the February 12 RBI circular that closed the door on all existing categorisation of standard stressed assets," says Sumit Bilgaiyan, Founder of Equity99.
"Axis Bank enjoys a strong CASA deposit which implies strong retail reach. The bank continues to focus on retail/SME/working capital and better rated corporate exposures which can improve its overall asset quality. We remain hopeful and optimistic," says Akash Jain, Vice-president, Equity Research at Ajcon Global Services.
The market breadth was in favour of the declines with 627 stocks advancing while 1050 declined and 369 remained unchanged. On the other hand, in the BSE, 1026 stocks advanced and 1404 declined and 129 remained unchanged.
Experts suggest that both the private banks have seen deterioration in their asset quality while the bank Boards have continued to reward their respective chiefs with heavy increments, bonuses and incentives.
On Monday, global rating agency Fitch expressed doubts about the corporate governance standards at ICICI Bank, amid allegations of impropriety against Chanda Kochhar
Since over a year, Axis Bank has been under the investors, shareholders and regulatory ire over its dwindling financial performance and recent concerns over governance issues
The market breadth was in favour of the declines with 841 stocks advancing while 863 declined and 342 remained unchanged. On the other hand, in the BSE, 1262 stocks advanced and 1342 declined and 137 remained unchanged.
Kochhar, whose term as CEO ends on March 31, 2019, is battling allegations of nepotism over loans given to Videocon Group whose promoter Venugopal Dhoot had links with her husband Deepak Kochhar's firm
Sharma requested the Board to reconsider the period of her re-appointment earlier approved for three-years.
The market breadth was in favour of the advances with 1131 stocks advancing while 568 declined and 348 remained unchanged. On the other hand, in the BSE, 1619 stocks advanced and 890 declined and 136 remained unchanged.
The injured guard is under treatment but out of danger, the SP added
The move comes against the backdrop of persisting concerns over mounting Non-Performing Assets (NPAs) in the banking system.
Axis Bank’s board has been asked to give Shikha Sharma a one-year term and scout for a successor during that period.
The market breadth was in favour of the advances with 1331 stocks advancing while 392 declined and 301 remained unchanged. On the other hand, in the BSE, 1868 stocks advanced and 704 declined and 138 remained unchanged.
MFS has acquired 0.74 per cent additional stake in its subsidiary, Max Life Insurance Company Ltd (Max Life), comprising 14,170,817 equity shares from Axis Bank, for a consideration of approximately Rs 153.33 crore.
Jairam Sridharan, CFO of Axis Bank in an interview to CNBC-TV18 said, “There is no truth to the rumours of resignation of top personnel”.
The Department of Telecommunications (DoT) in a March 16 office memorandum titled 'non-adherence to contractual obligation of bank guarantees by Axis Bank' said no new bank guarantee from the lender should be accepted.
Bhawarlal Bhandari, Premal Goragandhi and Kamlesh Kanungo of PAL were arrested for cheating, forgery, breach of trust and criminal conspiracy.