HDFC Bank share price will be in focus after the largest private sector lender appointed Anup Bagchi as MD, CEO after RBI approval.
HDFC Bank has appointed Anup Bagchi as its Managing Director (MD) and Chief Executive Officer (CEO) after receiving approval from the Reserve Bank of India (RBI). Bagchi, currently MD and CEO of ICICI Prudential Life Insurance, will take charge at HDFC Bank from October 27, 2026.
He will succeed Sashidhar Jagdishan, who decided last month against seeking another term as the bank’s MD and CEO. Jagdishan’s current tenure ends on October 26, after which he will retire from the bank.
“Pursuant to an application made by the bank, the RBI vide its communication dated October 1 has approved appointment of Anup Bagchi MD & CEO of the bank and the remuneration payable to him, under Section 35B of the Banking Regulation Act, 1949 for a period of three years with effect from October 27, 2026,” HDFC Bank said in an exchange filing.
Following the RBI approval, the bank’s board, based on the recommendation of its Governance, Nomination and Remuneration Committee, approved Bagchi’s appointment as an Additional Director with effect from October 2, subject to shareholder approval.
HDFC Bank Stock price trend
The private sector bank stock ended Thursday, 1 October, 1.36% higher at ₹719.35 per share on BSE. The Indian stock markets are closed today, October 2, on account of Gandhi Jayanti.
Currently, the stock is almost 30% away from its 52-week high of ₹1,020.35, hit in October 2025. Meanwhile, it touched its 52-week low of ₹682 last month, on 11 September 2026.
It has fallen 1% in 1 week but risen 1.3% in a month. Meanwhile, it shed over 9% in 3 months, 3% in 6 months and over 25% in the last 1 year.
Who is Anup Bagchi?
Bagchi holds a management degree from IIM Bangalore and an engineering degree from IIT Kanpur. He has more than three decades of experience across banking, capital markets, wealth management and insurance.
A member of the ICICI Group since 1992, Bagchi has held several senior roles, including CEO and MD of ICICI Securities and Executive Director at ICICI Bank. He is currently the MD and CEO of ICICI Prudential Life Insurance.
His appointment comes after former HDFC Bank part-time chairman Atanu Chakraborty resigned in March, citing concerns over certain “practices” that he said did not align with his “personal values and ethics”. External law firms were subsequently appointed to examine the concerns, and their report gave the bank a clean chit.
Can HDFC Bank recover?
The appointment of Anup Bagchi as MD & CEO of HDFC Bank has removed a key uncertainty for investors and brought some clarity to the bank’s leadership transition.
The smooth succession is positive for the market, but the bank’s performance under the new leadership will depend on how effectively Bagchi handles the challenges that lie ahead. These include post-merger integration, improving the credit-to-deposit ratio and protecting margins in a potentially challenging interest-rate environment.
While macroeconomic uncertainties and execution risks remain, Bagchi’s experience in expanding businesses and driving operational efficiency could help HDFC Bank focus on growth while keeping costs under control. The ability to deliver consistently on these priorities will remain important for the bank’s longer-term performance.
In an earlier note, brokerage house, Motilal Oswal retained its ‘Buy’ rating on HDFC Bank with a target price of ₹925, implying upside potential of over 28%. It said the lender was entering a new phase following leadership changes, operating challenges after its merger with HDFC Ltd and a significant erosion in shareholder wealth in recent years.
The brokerage said a change in the leadership team could help address investor scepticism and improve sentiment.
“We estimate HDFCB to deliver an improved earnings performance from FY28 onward,” Motilal Oswal said. It expects profit after tax growth to recover to 14% year-on-year in FY28, compared with an average of 9% during FY24-FY27.
The brokerage expects operating performance to improve from the second half of FY27, with earnings growth moving into the mid-teens in FY28.
Global brokerage UBS also retained its ‘Buy’ recommendation and added HDFC Bank to its APAC Key Call List. It set a target price of ₹1,000, implying 39% upside potential.
UBS said the market was underappreciating HDFC Bank’s branch expansion over the past three to four years. It expects the larger network to support deposit growth and help the bank gain ground against peers. The brokerage also noted early signs of a recovery in loan growth, which stood at 15.6% in Q1 FY27.
For FY27-FY29, UBS expects loan growth to improve towards 15% and net interest margin to move towards 3.5%, supported by faster growth in higher-yielding retail loans.
Banking sector outlook
Bernstein said intra-sector dynamics remained a key debate, with private banks yet to see a meaningful recovery in market share while the relative outperformance of public sector banks was beginning to moderate.
“We expect the banking sector to sustain healthy growth in FY27, supported by robust liquidity conditions and a recovery in nominal credit growth, although potential policy tightening could moderate momentum later in the year,” Bernstein said.
For HDFC Bank, Bernstein set a target price of ₹1,150, implying 60% upside from Thursday’s closing price of ₹719.35.
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.
