HDFC Bank shares shed early gains, end over 2% lower
The stock slide comes as Anup Bagchi is set to become the next managing director and chief executive officer of HDFC Bank
HDFC Bank shares retreated from early gains and closed 2.01 per cent lower at ₹705 on Monday, reflecting profit-taking. The stock, which had initially surged 2 per cent to ₹734, later fell back to its current level. Additionally, on the NSE, HDFC Bank's shares dipped 2.27 per cent to ₹704.80 after initially rising 1.80 per cent to ₹734.20.
Anup Bagchi is poised to become the next managing director and chief executive officer of HDFC Bank, with the Reserve Bank approving his appointment. Bagchi, who has a background at ICICI Bank, replaces Sashidhar Jagdishan, whose tenure was marred by unethical conduct allegations. Bagchi, an IIT-Kanpur and IIM-Bangalore graduate, will assume the role on October 27 for a three-year term.
The new CEO will face challenges such as boosting core income amidst low net interest margins and curbing product mis-selling. Leadership turmoil at HDFC Bank surfaced in March when non-executive chairman Atanu Chakraborty resigned, citing ethical concerns.
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