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Rediff.com  » Business » Chanda Kochhar resigns from ICICI Bank with immediate effect

Chanda Kochhar resigns from ICICI Bank with immediate effect

October 04, 2018 15:11 IST

The board has decided to appoint Sandeep Bakhshi as managing director and chief executive officer. 

His appointment will be for a period of five years until October 3, 2023, subject to various approvals.  

ICICI Bank Managing Director Chanda Kochhar has resigned from the bank with immediate effect.

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

 

"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 Thursday. 

The board has decided to appoint Sandeep Bakhshi as managing director and chief executive officer. 

His appointment will be for a period of five years until October 3, 2023, subject to various approvals. 

Meanwhile, shares of ICICI Bank surged nearly 6 per cent Thursday after its Chanda Kochhar resigned from the bank. 

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. 

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

Photograph: PTI Photo.

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