India's HDFC Bank rises after CEO appointment
Executive Brief • Key Highlights
Fast factual intelligence distilled for busy investors, executives, and answer bots:
- ✓HDFC Bank shares rose 1% to 728.6 rupees at 9:37 a.m.
- ✓IST after the bank named Bagchi as the new CEO.
- ✓He succeeds Sashidhar Jagdishan, whose term ends on October 26.
Story at a Glance
- Category
- BUSINESS
- Reported By
- Reuters
- Reading Speed
- 2 Minute(s)
- Market Focus
- India Economy
Bagchi succeeds Sashidhar Jagdishan, who decided in August not to seek reappointment after his second three-year term ends on October 26.
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Shares were trading about 1% higher at 728.6 rupees as of 9:37 a.m. IST.
Brokerages said the appointment is expected to serve HDFC well.
It allows the bank to optimise its operating structure and leadership team to better achieve growth, profitability and governance objectives, said Jefferies.
A key overhang surrounding the bank's leadership has been removed, noted Motilal Oswal, adding that Bagchi brought an external perspective at a time when the firm is seeking to rebuild investor confidence.
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Reuters
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