Axis Bank on Thursday, 27 February 2020, appointed Puneet Sharma as the New Chief Financial Officer (CFO). In disguise of a regulatory filing, the private sector lender stated that Mr. Sharma’s appointment would be implemented from 6th March 2020. He would be required to report and assist to the Managing Director and Chief Executive Officer Amitabh Chaudhry. The bank also shared the already available statistics regarding the gains after this news but before they laid down during the deals which happened in the Afternoon.
The shares indulging with Axis Bank were seen on an incline before they came down. On the Bombay Stock Exchange, Axis Bank rose upto 0.66 per cent to Rs. 734.77 per piece after this announcement. Exactly at 1:49 pm, the Bank’s stock traded at Rs. 730.00 as against its earlier closing of Rs. 729.75, which anyway outshined the benchmark Sensex index which was down 0.64 per cent amid a broad-based selloff. At 2.48 pm, its shares were seen trading at Rs. 732.50, which is higher by Rs. 2.75 or 0.38 per cent compared to its earlier close.
Talking about Mr. Sharma himself, he is a Chartered Accountant who is also an ex-student of Indian School of Business, Hyderabad. He has gained across 23 years of experience with working at and across many other banks, financial hubs and consultancies. He has worked with Tata Capital at the post of Senior Management Functionary and also worked at the post of the Chief Financial Officer since 2014. He spent 12 years altogether at Tata Capital. He had also worked with Citibank where he covered area including structured cash solution, treasury operations and risk monitoring.
Puneet would be replacing Mr. Jairam Sridharan, who resigned as the Group Executive and Chief Financial Officer of the bank, with effect from the close of business hours on March 5, 2020. After which, Mr. Sharma would be entitled to the post and its privileges from 6th March, 2020.
Author – Devansh Dev