Axis Bank rose 3% to Rs.502.35, its intraday high point and continues to hover in the green, just about holding at Rs.492.

The intraday surge was a reaction to the company issuing a clarification to the rumours that MD and CEO of the Bank, Shikha Sharma was resigning.

The Bank has termed the news appearing in a section of social media about the impending resignation as false and speculative. Issuing a clarification, the Bank has said, “the news….is being circulated with the malafide intention of misleading investors and the general public.”

There are also other rumours doing the rounds like Kotak Mahindra Bank and Axis Bank have initiated merger moves. This spate of rumours have just started from nowhere and one cannot help but wonder at the intentions of spreading such news and breaking down the stock price.