HDFC Bank shares gain nearly 2% as chairman search advances
Business
HDFC Bank's stock got a boost on Thursday, June 18, rising nearly 2% and outperforming most of the market.
Investors seem relieved as the bank moves closer to picking a new permanent non-executive chairman, helping it become one of the top contributors to Nifty 50's gains.
RBI urges expedited HDFC chairman search
After some uncertainty following former chairman Atanu Chakraborty's exit in March, the Reserve Bank of India has told HDFC Bank's board to expedite the search for a non-executive part-time chairman before interim chairman Keki Mistry's term ends.
This push from the Reserve Bank of India is easing investor concerns and even lifted the Nifty Bank index thanks to HDFC Bank's strong performance.