HDFC Bank Ltd.'s ADR (American Depository Receipts) was up by 2.76%, as per data from Investing.com, settling at that level at the US markets' closing bell on Friday, likely signalling that the worst may be over for the stock.
The stock has immensely corrected this year, with valuations at multi-year lows, suggesting that investors might be factoring in the worst.
ALSO READ: HDFC Bank Considers Kaizad Bharucha, Jimmy Tata As Internal Candidates For CEO: Sources
Another aspect that will likely affect the way the bank's shares open is the development regarding the firm hiring a full-time CEO (chief executive officer) and MD (managing director) in lieu of a temporary arrangement.
HDFC Bank's MD and CEO Sashidhar Jagdishan decided not to seek reappointment and is set to step down from his position on Oct 26, 2026, as per an exchange filing from the company on Saturday.
The bank's board decided to fast-track the process for selection and appointment of his successor.
The board is considering Kaizad Bharucha and Jimmy Tata as two internal candidates for the role of the next CEO, two sources in the know shared with NDTV Profit.
HDFC Bank Share Price
HDFC Bank Ltd.'s share price saw a 1.31% rise to settle at $720.30 at the end of Friday's trade, compared to a 0.35% upmove of the NSE Nifty 50.
The stock opened at Rs 710.85, compared to its previous close of Rs 711.00. During today's trading session, HDFC Bank share price moved in the range of Rs 707.00 to Rs 720.30.
ALSO READ: HDFC Bank Faces Ultimate Investor Test On New CEO Hunt To Mend Governance
Looking at its last 52-week performance, the stock has touched a low of Rs 710.00 and a high of Rs 1,020.50. On the performance front, HDFC Bank share price is down 24.80% on a year-on-year basis.
The market capitalisation of HDFC Bank is Rs 14.84 lakh crore, with a P/E ratio of 7.65.
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