Axis Bank shares up 1%

New Delhi: Shares of Axis Bank ended 1 percent higher Monday after the lender appointed Amitabh Chaudhry as Managing Director & CEO from January 1, after incumbent Shikha Sharma steps down at the end of this year.

The scrip jumped 4.92 percent to Rs 676.90 -- its 52-week high -- in intra-day trade on BSE. However, the stock trimmed most of its early gains and ended at Rs 651.55, up 0.99 percent.

The stock was the biggest gainer among the 30-blue chips.

At NSE, shares of the company rose by 0.92 percent to close the day at Rs 651.50.

In terms of equity volume, 17.45 lakh shares of the company were traded on BSE and over 3 crore shares changed hands at NSE during the day.

The announcement was made on Saturday.

Chaudhry, currently the MD & CEO of HDFC Standard Life Insurance Company, has been appointed as MD and CEO for a period of 3 years, with effect from January 1, 2019 up to December 31, 2021.

Axis Bank reported a 46 percent drop in net profit to Rs 701.09 crore for the April-June quarter of the current fiscal due to increase in provisioning for bad loans. The bank had registered a net profit of Rs 1,306 crore in the June quarter of 2017-18.