HDFC Bank rises 6%

HDFC Bank is in  the news today. The stock price rose almost 6% to Rs.1059.90 and is now trading at Rs.1049 levels.

The market has heaved a sigh of relief that the uncertainty over the appointment of CEO is finally over. The RBI today  approved Sashidhar Jagdishan's name for Chief Executive Officer (CEO) of HDFC Bank.

He will replace outgoing CEO Aditya Puri, whose term ends on October 26. He will continue to act as an advisor to the 6-member group comprising Shyamala Gopinath, Sanjiv Sachar, M D Ranganath, Sandeep Parekh, Srikanth Nadhamuni and Keki Mistry.

The Bank had indicted that it was looking within the bank itself and Jagdishan is currently the Additional Director & Head Of Finance, HR at HDFC Bank.

The Bank has been searching for a CEO since Nov’19 and had set up a search committee.

HDFC Bank board in November last year set up a search committee to identify his successor. Aditya Puri

Last week, Aditya Puri sold off 95% of his holding valued at Rs.843 crore.