HDFC Bank, on Saturday, said that the board has approved the submission of two candidates, in order of preference, for appointment as the bank’s Managing Director and Chief Executive Officer (MD & CEO) for a three-year term. The proposal will now require approval from the Reserve Bank of India (RBI), the lender said in an exchange filing.
The decision was taken at the board meeting on 12 September, based on recommendations from the Governance, Nomination and Remuneration Committee. The proposal has been made in line with the Banking Regulation Act and the RBI’s Commercial Banks – Governance Directions, 2025.
HDFC Bank did not reveal the names of the two shortlisted candidates. It said their proposed remuneration packages would also be submitted to the RBI for approval.
Separately, the board approved the reappointment of V Srinivasa Rangan as a Whole-time Director, with the designation of Executive Director, for a one-year term from November 23, 2026, to November 22, 2027, subject to the required approvals.
HDFC Bank share price performance since CEO Jagdishan resignation
Following the announcement on 29 August that MD & CEO Sashidhar Jagdishan would not seek reappointment and would retire on October 26, HDFC Bank share price initially showed resilience but later weakened amid broader risk-off sentiment and continued uncertainty over the leadership transition.
HDFC Bank shares initially took the news in stride, rising 0.59% to ₹724.25 on Monday, August 31, 2026. Analysts noted that the announcement helped remove the binary uncertainty surrounding the possibility of Sashidhar Jagdishan receiving a regulatory extension, offering some clarity to investors on the bank’s leadership transition.
HDFC Bank share price has remained under significant pressure across multiple time frames. The shares have declined 0.54% over the past week and 2.85% in the last month, indicating continued weakness in the near term.
On a longer-term basis, the stock’s performance has been weak, with HDFC Bank down 28.54% year-to-date and 26.82% over the past one year. The stock has also delivered negative returns over the longer term, falling 13.19% in three years and 9.70% over five years.
Disclaimer: This story is for educational purposes only. Please consult with an investment advisor before making any investment decisions.
