NEW DELHI, India The high-profile woman CEO of India’s second largest bank, ICICI Bank on Thursday resigned from her position amidst allegations of conflict of interest.

In a submission to the Bombay Stock Exchange, the country’s equity benchmark, the board of directors of the private sector ICICI Bank said it had accepted Chanda Kochhar’s request to seek early retirement.

The development triggered a surge in the bank’s stock price by 5.23 per cent, reported Xinhua news agency.

The bank has also appointed Sandeep Bakhshi in place of Kochhar who had been on long leave, pending a probe into allegations of nepotism and conflict of interest involving her and her businessman husband.

Kochhar shot to fame by becoming the first management trainee to rise to the position of ICICI Bank’s CEO.