HDFC Bank shares dropped 1.25% to ₹698.10 on the NSE on Thursday morning, October 22, nearing their 52-week low of ₹681.90. The bank confirmed that an internal review remains underway.
Key Takeaways
- The bank has announced no disciplinary action and says any response will depend on the completed review.
- Anup Bagchi is scheduled to become chief executive on October 27 amid several senior leadership departures.
- Shares are down nearly 30% year-to-date, with trading volume elevated by mid-session.
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Internal review remains underway
A bank spokesperson said the review is gathering and evaluating the relevant facts under HDFC Bank’s policies. The bank said appropriate action would follow the findings once that process is complete.
Leadership handover
The review comes shortly before veteran ICICI Group executive Anup Bagchi is due to take over as chief executive on October 27. Incumbent Sashidhar Jagdishan is stepping down after six years.
Deputy Managing Director Kaizad Bharucha, one of the bank’s longest-serving executives, has also announced that he will leave by the end of December.
Earlier in March, then-chairman Atanu Chakraborty abruptly resigned, citing differences with certain internal practices. A subsequent independent legal review found his concerns unsubstantiated.
HDFC Bank shares face broader market pressure
By mid-session, trading volume had reached 255.76 lakh shares, nearly twice Wednesday’s pace. Sellers accounted for 55% of activity against 45% for buyers.
The stock’s decline extends a difficult year for India’s largest private sector bank by market value. Its shares have fallen nearly 30% year-to-date and trailed the Nifty 50 by approximately 17 percentage points over the past year.
Bank Nifty opened sharply lower near 54,734 on Thursday.
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