Axis shares end up 5.4% after CEO Shikha Sharma cuts short her tenure

Shares of Axis Bank jumped 5.4 per cent to Rs 546 on Tuesday after the bank said its CEO Shikha Sharma’s term would come to an end in December. Analysts at brokerages said the credentials of the successor will be critical for the share’s outperformance. Till Sharma’s successor is announced, the stock is likely to be weighed down by concerns over bad loans and lack of earnings triggers, said Jefferies. Citi said many corporate loans are yet to be recognised as non-performing loans. Most analysts have retained price targets and ratings on the stock.

Brokerage ratings and comments after Axis board’s move to cut Shikha Sharma’s tenure