Axis Bank investment banking unit’s co-CEO Chirag Negandhi resigns

The co-CEO of Axis Bank’s investment banking unit Axis Capital, Chirag Negandhi, has resigned, according to an internal memo seen by Reuters on Friday.

The investment bank will likely tap an outside candidate for Negandhi’s role, two sources with direct knowledge of the matter told Reuters.

Axis Capital named another co-Chief Executive Salil Pitale as the interim managing director and CEO, as per the memo. Negandhi spent more than 13 years at the Axis’ investment banking unit and would continue for three more months, the source added.

His departure was communicated internally on Friday, the first source said. Axis Capital, one of the country’s biggest investment banking firms, has been a part of some successful initial public offerings over the past year, including Cyient DLM, Mankind Pharma and Bikaji Foods.

Axis Capital did not immediately respond to a Reuters request for comment. Negandhi declined to comment.