This entire week till now and parts of last week, Axis Bank has been hitting record highs consistently. Today, the new record high was logged at Rs.750.90.

Earlier, the reasons for this new found love for the counter could be investors buying in to the stock as a preferred safe haven in the uncertain times ahead and also as a good bet in the banking sector.

Today, the market has found has more legitimate reason – the appointment of Rakesh Makhija as its non-executive chairman for a term of 3 years, with effect from July 18. He will replace Sanjiv Misra, whose term as the bank's non-executive (part-time) chairman expires on July 17.

Makhija, 67 is also a Director on the board of Tata Tech, Tata Marcopolo Motors and ATREDS, and has been an Independent Director on the board of Axis since October 2015.