HDFC Bank stock rises nearly 3 per cent after MD, CEO Jagdishan steps down

Representational Image. File pic.

Shares of HDFC Bank climbed nearly 3 per cent on Monday after its Managing Director and Chief Executive Sashidhar Jagdishan opted out of being considered for reappointment after his current term ends on October 26.

The HDFC Bank board will fast-track the process for selection and appointment of Jagdishan's successor "well within time", a company exchange filing said on Saturday.

Bucking a weak trend in the equity market, the stock went up by 2.70 per cent to Rs 739.50 on the BSE.

At the NSE, the stock edged higher by 2.70 per cent to Rs 739.75.

The 30-share BSE Sensex tanked 464.66 points to 76,803.74 during morning trade. The 50-share NSE Nifty dropped 174.60 points to 24,008.10.

Jagdishan, 61, will retire from the bank on October 26 after spending nearly three decades at the lender.
After taking over as the bank CEO in October 2020, Jagdishan is serving his second three-year term as the lender's head.

He conveyed his decision not to seek reappointment as the Managing Director and Chief Executive Officer and also reiterated the decision despite "persuasion" from the board, the filing added.

"The board deeply appreciated his commitment, leadership, contribution to the growth and stability of the Bank and his role in successful completion of one of the largest mergers in corporate India," it said.

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