Sat. Sep 26th, 2020

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HDFC Bank shares surge 6%

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Shares of HDFC Bank Ltd on Tuesday surged nearly 6% after reports of Reserve Bank of India approving Sashidhar Jagdishan as the next chief executive officer of India’s largest private sector bank.

So far today, the stock has hit a high of 1,059.90 on the BSE. At 12.28pm, shares traded at 1,042 apiece, up 4% from previous close.

Jagdishan will take over from Aditya Puri who will step down from his post in October. Puri, who turns 70 next year, has been with the bank since its inception in 1994.

He recently sold 7.42 million shares or 0.13% stake worth 842.87 crore in the bank between 21 July and 23 July.

As of today, the private sector bank’s market capitalization stands at 5.74 trillion.

In November, the HDFC Bank board had set up a search committee to identify his successor.

Over the last few months, HDFC Bank had seen a flurry of senior level exits – Abhay Aima, group head of private banking, Ashok Khanna, group head of secured vehicle loans, and Munish Mittal, chief information office. All of them were veterans and close aides of Puri.

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