HDFC Bank Shares Rise Over 3% as CEO Succession Process Moves to RBI

HDFC Bank shares climbed as much as 3.2% on September 15, recording their strongest intraday percentage gain in more than four months. The move came after the private-sector lender took its CEO succession process a step forward by sending two names to the Reserve Bank of India for consideration. 

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The bank disclosed the development over the weekend but did not identify either candidate. The process is being closely watched as current MD and CEO Sashidhar Jagdishan is due to complete his term in October. 

The leadership transition comes during a difficult year for the stock. HDFC Bank shares have fallen 27.2% so far in 2026. Foreign investors held about 40% of the bank at the end of June. 

Two Names Sent to RBI for CEO Role 

HDFC Bank’s board has forwarded two candidates to the RBI for the top position, with the proposed appointment carrying a three-year term. 

The names have not been disclosed by the bank. Moneycontrol had earlier reported that Deputy Managing Director Kaizad Bharucha was among the internal contenders for the position. 

Alongside the CEO search, the bank has also made changes to its senior executive team. 

V Srinivasa Rangan has been reappointed as a Whole-time Director, designated Executive Director, for another year beginning in November 2026. 

Jimmy Tata has also been appointed as a Whole-time Director, designated Executive Director, for a three-year term. His appointment will take effect after receiving RBI approval. 

The bank is also looking at adding a fourth Executive Director position. The incoming CEO is expected to be involved in selecting the executive for that role. 

Leadership Transition Takes Centre Stage 

Tuesday’s rise puts the succession process firmly at the centre of attention for HDFC Bank after months of weakness in its shares. 

With two names now submitted to the RBI, the process has moved beyond the bank’s internal selection stage. The regulator’s approval and the eventual choice of successor will determine who takes charge after Jagdishan’s term ends in October. 

For the moment, HDFC Bank has not disclosed the identities of the two candidates submitted to the regulator or announced its final choice for the MD and CEO position.