HDFC Bank CEO Jagdishan to step down in October as governance pressures mount

HDFC Bank, India's largest private lender, announced on Saturday that CEO Sashidhar Jagdishan will resign in late October, foregoing reappointment due to mounting governance and market pressures. Jagdishan's departure follows the abrupt exit of the bank's former chairman in March, which triggered investor unease. Despite a June external review finding no substantiated governance issues, recent events have continued to weigh on the institution.

In July, the bank's board disciplined three top executives, including Jagdishan, for alleged business overreach in setting deposit rates for a state agency. Jagdishan confirmed his decision not to seek reappointment in a regulatory filing, stating he will depart from the bank on October 26, 2026. The lender's stock has also faced pressure, plummeting to a two-year low on Thursday following U.S. law firms' filing of a federal securities class-action lawsuit against the bank.