Mumbai: Private sector lender Axis Bank’s investment banking arm Axis Capital’s co-head Chirag Negandhi has stepped down from his post of joint MD and Co-CEO, sources aware of the development told ET.
Negandhi became the Co-CEO of the Axis Bank i-banking unit in 2018 along with his colleague Salil Pitale, after the unit’s then CEO Dharmesh Mehta left the firm.
Pitale will be the sole CEO of Axis Capital going ahead, sources said.
“Chirag will leave the firm in three months. He is likely to pursue opportunities on the buy side,” said one of the sources.
Negandhi began his career as a lead analyst in 2005 at Enam Securities, which was acquired by Axis Bank in 2010 and renamed Axis Capital.
An email sent to Axis Capital did not elicit a response.
The development adds to the recent churn seen in the Indian investment banking industry’s top ranks.
Gopal Agrawal, managing director and head of Edelweiss investment banking unit joined specialty chemicals maker Anupam Rasayan as its CEO on 11 September.
Investment banking veteran Ravi Kapoor is set to retire from Citi after an 18 year stint.
In June, Utpal Oza, Nomura India’s head of investment banking stepped down and the firm elevated Amit Thawani to lead the i-bank.
