HDFC Bank Surges After RBI Approves Sashidhar Jagdishan's Appointment As CEO
HDFC Bank shares rose as much as 5.78 per cent to an intraday high of Rs 1,059.90 on the BSE on Tuesday, after the country's most valued lender said the Reserve Bank of India had approved the appointment of Sashidhar Jagdishan as its managing director and CEO for a period of three years. Sashidhar Jagdishan will take charge as MD and CEO of HDFC Bank on October 27, the private sector lender said. Mr Jagdishan will succeed Aditya Puri, who is due to retire on October 26, 2020.
Sashidhar Jagdishan (Sashi) joined HDFC Bank in the year 1996 as a manager in the finance function. He became business head- finance in 1999 and was appointed as chief financial officer in the year 2008, HDFC Bank said in an exchange filing.
Prior to joining the Bank, Mr Jagdishan was a senior officer in the Country financial control division of Deutsche Bank, AG, Mumbai. He has completed his graduation in science with specialization in physics, and is a chartered accountant. He also holds a master's degree in economics of money, banking & finance from the University of Sheffield, UK.
Aditya Puri, who has been at the helm of the bank since its inception in 1994, has led the HDFC Bank to be the country's largest and most valuable bank, on the back of a strict hold over asset quality.
Mr Puri last month sold 74.20 lakh HDFC Bank shares for a total consideration of Rs 842.73 crore, BSE data showed.
As of 11:46 am, HDFC Bank shares traded 4.37 per cent higher at Rs 1,046, outperforming the Sensex which was 1.55 per cent. Gain in HDFC Bank contributed 174 points towards the Sensex and was the top Sensex gainer.
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