New Delhi: ICICI Bank Managing Director Chanda Kochhar has resigned from the bank with immediate effect.

The board of the bank has accepted the request of Kochhar to seek early retirement, according to a regulatory filing.

“The board accepted this request with immediate effect. The enquiry instituted by the board will remain unaffected by this and certain benefits will be subject to the outcome of the enquiry,” the bank said on Thursday.

The board has decided to appoint Sandeep Bakhshi as Managing Director and Chief Executive Officer.

His appointment will be for a period of five years until October 3, 2023, subject to various approvals.

Following the announcement, the stock soared 5.69 per cent to Rs 320.90 on BSE.

On NSE, shares of the company jumped 5.77 per cent to Rs 321.25.

The stock was the top gainer among the blue chips on both the key indices during the afternoon trade.

The board of the bank has accepted the request of Kochhar to seek early retirement, according to a regulatory filing.

(With PTI Inputs)