MUMBAI: Amitabh Chaudhry, managing director of HDFC Life, sold shares worth Rs 55.77 crore between April and August this year as speculation mounts that he will be the new CEO of Axis Bank, the country’s third-largest private sector lender.According to the data collated by ET from block-deal information on bourses, Chaudhry sold 1,162,044 shares between April 26 and August 20 on the National Stock Exchange. Shares of HDFC Life closed 1.06 per cent higher to Rs 467.55. The stock has risen 50 per cent post listing at Rs 314 a share.“Amitabh has appeared for the interview and a final approval from the Reserve Bank is pending,” said a source close to the development.Chaudhry, who joined HDFC Life in 2010, is associated with the successful listing of the third largest life insurance company in terms of business. HDFC Life is today the most-valued life insurance company in the country with a market cap of close to Rs 1 lakh crore.Axis Bank has appointed Egon Zehnder, a global leadership search firm, to help in identifying a successor to the current CEO Shikha Sharma who will leave the bank on December 31 this year.The bank had submitted names of three candidates for the post of MD and CEO to RBI for approval in July.“While it is unfair to comment on individual action but indications are that he is exiting from his shareholding of HDFC Standard Life before he starts new innings,” said Arun Kejriwal, founder, Kejriwal Research, a Mumbaibased advisory firm.Speculation has been rife among traders that Chaudhry may be heading to Axis Bank as the new boss. Some traders even expect that Axis Bank shares may react positively to this individual sharesale on Friday.HDFC Standard Life shares have shrunk more than 3 per cent in past month compared with a 4.4 per cent rise in the Sensex. Axis Bank shares have surged nearly 17 per cent during the same period.
from The Economic Times https://ift.tt/2PzC9Gz
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