HDFC Bank board picks MD CEO candidates and shares rise
HDFC Bank shares added nearly 3% after the board picked two candidates for Managing Director & Chief Executive Officer and sent their names to the RBI, along with pay details for the next three years.
The bank also reappointed V Srinivasa Rangan and Jimmy Tata as Whole-time Directors (designated as Executive Directors) of the Bank for a period of three years, plus approved the creation of one additional position of Whole-time Director.
Midcap and smallcap stocks slip
While HDFC Bank had a strong day, most midcap and smallcap stocks slipped: Nifty Midcap 100 dropped 0.5% and Smallcap 100 fell 1%.
IT and FMCG stocks saw gains, but sectors like realty, pharma, media, metals, and PSU banks lost ground.
Solar Industries's stock slid 8% after a big acquisition deal, while KEC International edged up on new order wins.