HDFC Bank shares surge over 3% as CEO succession process moves ahead
The stock has retreated from its intraday high of ₹730.75; it closed the previous week at 708.25
HDFC Bank's shares experienced a significant surge of over 3% on Tuesday as the bank advanced its CEO succession process. The bank submitted the names of two candidates to the Reserve Bank of India (RBI) for approval in order to occupy the top position at the bank for three years. The stock's trading price on the NSE reached ₹726.55 at 10:02 am, reaching an intraday high of ₹730.75 from the previous close of ₹708.25.
The candidates considered for the position include HDFC Bank's Deputy Managing Director Kaizad Bharucha and K Balasubramanian, Citi's Chief Country Officer for India. The central bank typically requires private sector banks to propose two names that meet the "fit and proper" criteria for the chief position. Earlier in the week, HDFC Bank had shortlisted two candidates for RBI approval to appoint one as the bank's chief for three years.
The board also decided to create an additional position of Whole-Time Director (WTD) to enhance succession planning. Tata was appointed as a WTD as Executive Director (ED), and V Srinivasa Rangan was re-appointed as a WTD, also designated as ED. The traded volume stood at 233.86 lakh shares, with a traded value of ₹1,697.92 crore.
The total market capitalisation of HDFC Bank was ₹11.19 lakh crore. The stock's trading range on the NSE was set between ₹637.35 and ₹779.05, and the adjusted P/E ratio was 13.62.
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Also reported by 1 other outlet
- Why is HDFC Bank stock rising today? investing.com
