Shares of HDFC Bank opened 2.5% higher even as the company's chief executive officer made a surprise announcement to not seek reappointment. Analysts believe that the successor's profile could offer re-rating potential.
Shares of Indian banks rose more than 1% on Tuesday, making them the top-performing sectoral gainers after the Reserve Bank of India issued detailed guidelines for a concessional foreign exchange swap facility that lenders can use for overseas borrowings. The move forms part of a broader package of measures announced by the central bank to attract foreign capital into the country at a time when...
HDFC Bank shares declined on Wednesday after a newspaper report alleged that India's biggest private lender made payments to a Maharashtra state department to secure large deposits, raising fresh questions over governance at the bank. The stock fell as much as 2% and was trading 1.9% lower at 764.20 rupees as of 10:40am in Mumbai.
Law firms reviewing governance at HDFC Bank are set to report this month that they have not found any major lapses, two people with direct knowledge of the findings said, clearing the way for the reappointment of its CEO.
Shares of HDFC Bank have come under sustained pressure this year, declining more than 26% and lagging both peers and the broader market, even as brokerages turn increasingly positive on the stock following the sharp correction. The recent underperformance has prompted global brokerage JPMorgan to upgrade the stock to “Overweight” from “Neutral”, citing a more favourable risk-reward profile at c...
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