Awaiting price reaction for this filing.
Axis Bank has informed the stock exchanges that Prof. S. Mahendra Dev (DIN: 06519869), an Independent Director on the Bank's Board, has resigned with effect from the close of business hours on June 5, 2025. The reason for his resignation is his appointment as Chairman of the Economic Advisory Council to the Prime Minister of India, which is a full-time position. Prof. Mahendra Dev has confirmed there are no other material reasons for his resignation and does not hold directorship in any other listed entity. The Bank has placed on record its appreciation for his contributions during his tenure.
This is a routine, non-negative board change driven by a prestigious government appointment. It is unlikely to have any material impact on Axis Bank's stock price or operations, though the Bank will need to fill the independent director vacancy in due course.