HDFC Bank American Depository Receipts (ADRs) rose over 4% before the opening bell on Thursday, October 1 after the private lender announced the appointment of Anup Bagchi as its new Managing Director and CEO, following approval from the Reserve Bank of India (RBI).
HDFC Bank ADR climbed 4.12% to $2.26 by 6:32 pm IST.
The spike 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.
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Through its 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.
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