HDFC Bank shares rose for a second straight session on Tuesday on anticipation of a possible announcement about the new CEO. As per Financialexpress.com sources, a potential announcement is expected this week, but there is no official confirmation on that yet.
There is also buzz that Anup Bagchi is emerging as a strong external candidate for the HDFC Bank top job. However, the street is awaiting an official announcement with bated breath. The development comes after HDFC Bank’s board submitted two names to the RBI for the top position. The bank has not publicly disclosed the names of the candidates.
Shares of HDFC Bank opened at Rs 738.85 against the previous close of Rs 739.50 and touched an intraday high of Rs 748.80 on the NSE. The stock was trading around Rs 747 in early trade, up more than 1%. In the last two days, the stock has gained nearly 2%.
HDFC Bank shares rise for second session
HDFC Bank shares have gained for two consecutive sessions amid the latest developments around the CEO appointment.
The stock had closed at Rs 739.50 on Monday before rising to Rs 748.80 during Tuesday’s session.
Despite the recent gains, HDFC Bank shares remain down around 25% so far in 2026. The stock has continued to trade below its levels at the start of the year.
The bank’s market capitalisation stood at around Rs 11.4 lakh crore based on the prevailing share price.
HDFC Bank CEO succession process
Earlier this month, the HDFC Bank’s board had submitted two names to the RBI for the appointment of its next MD and CEO.
The bank disclosed the submission through an exchange filing but did not name the candidates. Financial Express reported that the names were submitted along with proposed remuneration for a three-year term.
The report identified HDFC Bank Deputy Managing Director Kaizad Bharucha and Anup Bagchi among the key names being considered for the position.
The latest development is that the RBI is reportedly seeking feedback on Bagchi’s candidature as it considers the external option for the role.
Anup Bagchi currently MD & CEO of ICICI Pru
Bagchi currently serves as Managing Director and CEO of ICICI Prudential Life Insurance Company, a position he has held since 2023.
Before joining the insurance company, Bagchi was an Executive Director at ICICI Bank. He joined the bank’s board as an Executive Director in 2017 and handled responsibilities across wholesale banking, transaction banking, markets and proprietary trading.
Financial Express had previously reported Bagchi as one of the potential candidates for the HDFC Bank position as the lender worked through its succession process.
The latest report on the RBI feedback process has put his candidature further in focus, although there has been no final announcement on the appointment.
Kaizad Bharucha among key candidates in fray
Bharucha remains the key internal candidate associated with the succession process.
He is currently HDFC Bank’s Deputy Managing Director and has spent a large part of his banking career with the lender.
Financial Express had earlier reported that Bharucha was among the internal candidates being considered for the MD and CEO position, while Bagchi was among the external names in the race.
HDFC Bank has not officially confirmed that these are the two names submitted to the RBI.
Sashidhar Jagdishan’s term ends in October
The succession process comes in focus ahead of the end of Sashidhar Jagdishan’s current term as HDFC Bank’s MD and CEO.
Financial Express reported that Jagdishan’s second term began on October 27, 2023, and is scheduled to end on October 26, 2026.
HDFC Bank’s corporate filing also confirms the three-year term through October 26, 2026.
Jagdishan has served as the bank’s MD and CEO since October 2020.
Conclusion
HDFC Bank shares gained for a second session on Tuesday as reports of progress in the CEO succession process.
However, no final decision has been announced, with Sashidhar Jagdishan’s current term scheduled to end on October 26, 2026.