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HDFC Bank shares rise as CEO Sashidhar Jagdishan steps down
The stock opened at ₹723.05 on Monday and touched an intraday high of ₹739.75, as Jagdishan’s tenure ends on October 26, 2026.
HDFC Bank shares rose in Monday trading, climbing as much as 2.35% on the NSE despite weak overall market sentiment and the resignation decision by CEO Sashidhar Jagdishan. The stock opened at ₹723.05, compared with a previous close of ₹720.30 on Friday, and reached an intraday high of ₹739.75 on August 31, according to market data cited by LiveMint.
In a regulatory filing discussed by LiveMint, Jagdishan said he would not seek another term as HDFC Bank’s managing director and CEO, even as the board tried to persuade him to stay. His current tenure is scheduled to end on October 26, 2026, and the board has started the process to identify his successor.
The board said Jagdishan’s leadership helped drive HDFC Bank’s growth and stability and pointed to his role in completing the bank’s merger, described as one of India’s largest corporate mergers. LiveMint also noted that the decision shortens the window for the usual leadership transition process.
LiveMint reported that boards typically seek reappointment approval from the Reserve Bank of India about six months before the end of a CEO’s term, but Jagdishan’s current term was approved in March 2023, roughly seven months before his previous tenure was set to expire. The outlet also cited a Reuters report that V. Srinivasa Rangan and Bharucha were among names being considered for the CEO role.