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Chanda Kochhar resigns from ICICI Bank; Bakhshi named MD & CEO

News Nation Bureau | Edited By : Srishty Choudhury | Updated on: 04 Oct 2018, 04:00:34 PM
ICICI Bank shares surge 6% as Chanda Kochhar resigns, Sandeep Bakhshi to take over as CMD

New Delhi:

Shares of ICICI Bank surged nearly six per cent on Thursday after its Managing Director Chanda Kochhar resigned from the bank with immediate effect. Following the announcement, the stock soared 5.69 per cent to Rs 320.90 on BSE. On NSE, shares of the company jumped 5.77 per cent to Rs 321.25. Sandeep Bakhshi will replace Kochhar as the managing director and chief executive officer.

The board of the bank has accepted the request of Kochhar to seek early retirement, according to a regulatory filing.

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"The board accepted this request with immediate effect. The enquiry instituted by the board will remain unaffected by this and certain benefits will be subject to the outcome of the enquiry," the bank said on Thursday. Bakhshi will be appointed for a period of five years until October 3, 2023, subject to various approvals. The other terms and conditions of his appointment, such as remuneration, would remain unchanged, it said. Bakhshi, a mechanical engineer from Punjab Engineering College, Chandigarh, started his career with ICICI in 1986. He looked after the corporate clients for the Northern and Eastern regions of ICICI Limited before joining ICICI Lombard in 2002. His work responsibilities included business development, project appraisals, project monitoring and business restructuring.

The stock was the top gainer among the blue chips on both the key indices during the afternoon trade.

(With agency inputs)

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First Published : 04 Oct 2018, 02:41:37 PM