Chirag Negandhi, co-chief executive officer (CEO) of Axis Capital, the investment banking division of Axis Bank has quit, news agency Reuters reported.
According to the media reports, Negandhi’s position will probably be filled by an outsider chosen by the investment bank.
Notably, Salil Pitale, a different co-CEO has been appointed as the temporary managing director (MD) and CEO by Axis Capital.
Negandhi worked at the Axis investment banking division for more than 13 years and will stay there for another three months.
One of the largest investment banking businesses in the nation, Axis Capital has participated in a number of initial public offerings (IPOs) over the past year, including those of Cyient DLM, Mankind Pharma and Bikaji Foods.