HDFC Bank dollar bonds drop after CEO Sashidhar Jagdishan's departure
HDFC Bank's dollar bonds took a big hit after CEO Sashidhar Jagdishan stepped down.
The bond due in June 2031 dropped to its lowest value since it was issued, and other bonds set for August 2029 and August 2031 also slid.
HDFC Bank considers hiring search firm
With Jagdishan choosing not to stay on, people are worried about who will take over and how the bank will handle the transition.
Moody's assistant vice president at Moody's Ratings Devang Rajkotia noted that leadership changes can be risky, but good succession planning is key for stability.
HDFC Bank is in talks to hire an executive search firm to fast-track the appointment of a new CEO.
Despite all this, analysts like senior credit analyst Rena Kwok from Bloomberg Intelligence say the bank's core financial health remains solid, even as shares have dropped 28% this year.