Shares of HDFC Bank climbed nearly 3 per cent on Monday, bucking a weak broader market, after MD and CEO Sashidhar Jagdishan announced his decision to not seek reappointment when his current term ends on October 26.The stock gained 2.70 per cent to Rs 739.50 on the BSE and 2.70 per cent to Rs 739.75 on the NSE. The gains came despite the Sensex falling 464.66 points and the Nifty declining 174.60 points during morning trade.Jagdishan, 61, will retire from HDFC Bank after nearly three decades with the lender. He took over as CEO in October 2020 and is currently serving his second three-year term.HDFC Bank said its board will fast-track the selection and appointment of his successor “well within time”. Jagdishan had reiterated his decision not to seek another term despite “persuasion” from the board, as quoted by PTI.The bank’s board “deeply appreciated his commitment, leadership, contribution to the growth and stability of the Bank” and his role in the successful completion of the HDFC merger.
