Axis Bank on Friday announced that it has appointed Neeraj Gambhir as an executive director, effective from August 4, 2025 or post Reserve Bank of India approval, whichever is later, the private lender said in an exchange filing Friday.The appointment comes as Rajiv Anand, deputy managing director of Axis Bank, decided to step down after the completion of his current term in August 2025. He will retire from the services of the bank on August 3 after completion of his third term as a director on the bank’s board. With over 30 years of experience in India's financial sector, the 52-year-old bank veteran was working as the Managing Director of Nomura, India, heading their fixed income business. He has also worked for Lehman Brothers, India and ICICI Bank. Gambhir is currently a member of SEBI’s Advisory Committees on Mutual Funds and Corporate Bonds and Securitisation (COBOSAC). He holds a Bachelor of Engineering degree in Computer Science and has done his Post Graduation in Business Management from Indian Institute of Management, Lucknow where he was awarded PGP Chairman’s Medal.Earlier during the day, Axis Bank shed 4.6% on Friday, a day after the private lender reported an unexpected drop in June quarter profit, with analysts citing higher credit costs and margin pressures as key concerns.The stock was the top loser on Nifty Bank and Nifty Private Bank, which were trading 0.4% and 0.9% lower, respectively.It also fell the most on benchmark Nifty 50, which was trading flat.India's fourth-largest private lender by market value reported a surprise lower quarterly profit drop on Thursday, as its bad loans surged after a one-time industry benchmarking exercise. Its net interest margin also contracted to 3.8% from 4.05%.
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