Shares of HDFC Bank ended 1.5% lower on Monday, paring early gains, after its Managing Director and Chief Executive Sashidhar Jagdishan opted out of being considered for reappointment after his current term ends on October 26.
The HDFC Bank board will fast-track the process for selection and appointment of Jagdishan's successor "well within time", the private lender said in an exchange filing on Saturday.
The blue-chip stock declined 1.53% to end at ₹709 on the BSE. During morning trade, the stock had climbed 2.70% to ₹739.50. However, it lost momentum during the afternoon session and hit the day's low of ₹704.40, down 2.16%.
1 August 2026
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At the NSE, the stock edged lower by 1.56% to end at ₹709 after rising 2.70% during morning deals.
Jagdishan, 61, will retire from the bank on October 26 after spending nearly three decades at the lender.
After taking over as the CEO in October 2020, Jagdishan is serving his second three-year term at the bank.
He conveyed his decision not to seek reappointment as the Managing Director and Chief Executive Officer and also reiterated the decision despite "persuasion" from the board, the filing added.
"The board deeply appreciated his commitment, leadership, contribution to the growth and stability of the bank and his role in successful completion of one of the largest mergers in corporate India," it said.
