Shares of the private lender continued its rally this week as it hit a new 52-week high for the second time in 2 days. The scrip gained close to half a percent from its previous close of Rs 742.55 to touch a fresh 52-week high of Rs 751 apiece on NSE.

Axis Bank's board after its meeting on 12 March announced Rakesh Makhija, Independent Director, as the non-executive (part-time) chairman of the bank with effect from 18 July 2019 for a period of 3 years. He will replace Dr. Sanjiv Misra whose term ends on 17 July 2019.

In a regulatory filing the bank said, "Pursuant to the recommendations of the Nomination and Remuneration Committee of Directors, the board of directors of the bank at its meeting held today (Tuesday) approved the appointment of Rakesh Makhija, independent director, as the non-executive (part-time) chairman of the bank, for a period of 3 years."

It further said that the appointment is subject to approval from the RBI (Reserve Bank of India) and bank shareholders.

In the last three days, the share price of Axis Bank has increased by Rs 18.7 to its 52-week high from last Friday's close of Rs 732.20.