HDFC Bank ADRs rise after RBI clears Anup Bagchi as next CEO
HDB•HDFC Bank ADRs rose 3.3% to $23.08 after the central bank approved Anup Bagchi as CEO for a three-year term. Bagchi will succeed Sashidhar Jagdishan, whose term ends Oct. 26.
1. CEO appointment approved
HDFC Bank said the central bank approved Anup Bagchi's appointment as its next CEO for a three-year term. He will succeed Sashidhar Jagdishan, whose term ends on Oct. 26.
2. Shares rise
The bank's U.S.-listed shares rose 3.3% to $23.08. Including the session's moves, the stock had fallen more than 36% year to date.
