HDFC Bank shares rise nearly 2% after Bagchi appointment, Q2 business update
Shares traded flat at ₹723 on the NSE at 9.58 am after rising to ₹734.20 in early trade from ₹721.20 previous close
HDFC Bank shares climbed nearly 2 percent following news of a managerial change and an update on Q2 business performance. The Reserve Bank of India approved Anup Bagchi, an ICICI Group veteran, as the new Managing Director and Chief Executive Officer for a three-year term starting October 27, 2026. Bagchi's appointment caused HDFC Bank shares to open at ₹734.20 on the NSE, up from the previous close of ₹721.20.
For the September 2026 quarter, HDFC Bank's average advances under management increased by 14.0 percent to ₹31,87,200 crore, while average deposits rose by 16.8 percent to ₹31,66,500 crore. The bank also borrowed USD 11.5 billion, equivalent to ₹1,10,340 crore, under the Reserve Bank of India's swap facility for FCNR(B) deposits. Additionally, it extended loan facilities worth $5.7 billion, or ₹54.77 crore, to its overseas branches.
HDFC Bank also issued USD 2.5 billion in senior unsecured bonds during the June-August period and maintained an overweight rating with a target price of ₹970. Analysts cited FCNR deposits as driving the stock's recent performance, while expecting a gradual re-rating under the new leadership.
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