HDFC Bank American Depository Receipts (ADRs) extended gains, rose nearly 3% before the opening bell on Friday, October 2 after the private lender named Anup Bagchi as its new Managing Director and CEO, following approval from the Reserve Bank of India (RBI).
HDFC Bank ADRs advanced 2.7% to $22.95 by 5 pm IST.
The surge in HDFC Bank ADRs come after the lender's Board of Directors, at its meeting on October 1, approved Bagchi's appointment as an Additional Director with effect from October 2, 2026. The appointment will continue until shareholder approval, in accordance with the Companies Act, 2013.
In a communication dated October 1, 2026, RBI approved Bagchi's appointment as MD & CEO of HDFC Bank and the remuneration payable to him. His three-year term will start from Oct. 27, 2026.
Bagchi stood out for his extensive exposure to retail banking and technology, as well as his ability to stay closely involved in operations and drive execution, which they see as key strengths for the role, HDFC Bank sources told NDTV Profit on Thursday.
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