Axis Bank announced Monday that its Chief Financial Officer, Puneet Sharma, has submitted his resignation, with his last day set for August 31, 2026. The departure marks a significant change in the private sector lender's top management and is expected to draw investor attention to the bank's shares.
CFO Puneet Sharma's Departure
Sharma, who joined Axis Bank over six years ago, cited a desire to "pursue the next phase of his professional journey" as the reason for his decision. In his resignation letter, he reflected on his mandate to build a strong finance team, implement robust financial controls, ensure disciplined reporting, and foster a resilient balance sheet, stating these objectives are "now largely complete."
He also noted his contributions to legal, secretarial, corporate real estate, and administration functions, as well as serving on the boards of the bank's subsidiaries. Sharma committed to a smooth handover of his responsibilities before his effective departure date, which will also include stepping down from any subsidiary board appointments tied to his employment.
Market Reaction and Share Performance
Following the announcement, Axis Bank shares concluded Monday's trading session down 1.37 percent, closing at Rs 1,357.70. Despite this immediate dip, the bank's stock has demonstrated strong performance over the longer term, gaining 13.24 percent over the past year and an impressive 80.87 percent over the last five years.
Other Board Appointments
In related board developments, Axis Bank's board also approved the reappointment of CH SS Mallikarjunarao as an Independent Director for a second four-year term. This term is scheduled to run from February 1, 2027, to January 31, 2031, pending shareholder approval.
Additionally, Munish Sharda was approved for reappointment as a Whole-Time Director, designated as Executive Director, for a further three-year term. This reappointment, effective from February 27, 2027, to February 26, 2030, is subject to approvals from both the Reserve Bank of India (RBI) and the bank's members.