Axis Bank Ltd was the top percentage gainer on both indexes, climbing over 5 percent, after the country's third-biggest private-sector bank by assets said on Monday its long-time chief executive, Shikha Sharma’s tenure , will step down this year-end.

The Axis Bank board had yesterday curtailed the fourth term of Sharma to seven months following an unusual request from her that she be relieved on December 2018, 29 months ahead of the scheduled term.

Following the announcement, Axis Bank shares opened on a bullish note at Rs 523.10, then surged to a high of Rs 549.50, up 6.1 per cent from its previous closing price. On the NSE, the stock opened at Rs 523, then jumped to a high of Rs 549.70, a rise of 5.85 per cent from its last close.

The board’s decision came amidst RBI raising questions over her re-appointment for the fourth term as MD and CEO of the third largest private sector lender in the wake of mounting non-performing assets (NPAs).

Sharma, who would complete her third term on May 31, 2018, has been heading the bank since 2009. The Axis Bank board accepted her request for a shorter seven-month term (from June 1 to December 31, 2018), subject to the approval of the Reserve Bank of India (RBI), the bank said in a regulatory filing.

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