HDFC Bank shares fall after Sashidhar Jagdishan won't seek term
Business
HDFC Bank shares took a hit on Tuesday, dropping to a 52-week low of ₹698.50 before bouncing back a bit to ₹711.90 at 11.56am.
This dip followed the news that MD & CEO Sashidhar Jagdishan won't be seeking another term, leaving investors worried about who's next in charge at India's biggest private bank.
HDFC Bank down over 28% YTD
Over the past month, HDFC Bank shares have slid nearly 5%, and they're down over 28% for the year so far.
Tuesday saw more sellers than buyers in the market, reflecting some uncertainty.
Still, most brokerages are staying positive about the bank's long-term prospects, even as everyone waits to see who will step up as CEO next.