HDFC Bank shares rise over 2% after bank sends nominees
Business
HDFC Bank's stock got a boost, up over 2% in early trading, after the bank moved quickly on its MD and CEO transition plan.
The bank has already sent two names for the top job to the Reserve Bank of India (RBI), giving investors some clarity and sparking interest on the Sensex.
Bharucha leads but needs RBI extension
Kaizad Bharucha, a longtime insider at HDFC Bank, is leading internally but may need a special extension due to RBI rules.
On the external front, Anup Bagchi, CEO of ICICI Prudential Life, and K Balasubramanian, CEO of Citi India, are also in the mix.
The final pick depends on board decisions and RBI approval, with current MD and CEO Sashidhar Jagdishan's term ending soon.