Axis Bank terms resignation reports ‘speculative’

Axis Bank, one of India’s top three private sector banks, called reports of resignation of its two top officials “speculative assertions”.

Responding to a notice from the stock exchanges, Axis Bank said: “The bank does not comment on speculative assertions around its internal functioning.”

It said it will inform the exchanges of any “material, unpublished price-sensitive information”.

A report in Mint had claimed that Sidharth Rath, head of corporate and transaction banking, and V. Srinivasan, deputy managing director, have resigned.

Rath will join Standard Chartered Bank, the report added.

Axis Bank has been in the headline due to its exposure to the recently uncovered Nirav Modi scam.

The company has said it has an exposure of Rs 200 crore to billionaire Nirav Modi and Gitanjali Gems accounts.

According to media reports, Srinivasan was among the officials who deposed before the Serious Fraud Investigation Office (SFIO) in its investigation into the Nirav Modi scam.