Active MFs reduce bets to multi-year low as HDFC Bank shares slide
Market experts anticipate the stock could face further volatility till the announcement of his successor
HDFC Bank is reportedly considering naming Kaizad Bharucha as a potential candidate for its next CEO position after current CEO Sashidhar Jagdishan retires in October. The bank is also looking for an external candidate to meet a central bank requirement mandating multiple names for the CEO role. RBI approves top banking appointments.
Bharucha, a long-serving executive overseeing both retail and wholesale businesses, is seen as an internal contender, with eligibility to become CEO due to his tenure exceeding the 15-year limit under RBI rules. Shares of HDFC Bank, which has about 40% foreign ownership, have declined by 27% this year, particularly since the resignation of Atanu Chakraborty as chairman in March.
The board had penalized Jagdishan and three others for pricing large deposits. The CEO search follows a period of leadership turmoil at the bank, with the recent penalty against Jagdishan and the unresolved governance concerns raised by the external legal review adding to investor apprehension.
Written by urgent.news from The Economic Times's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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