HDFC Bank slips after management rejig

HDFC Bank fell 1.06% to Rs 2,150.60 after the bank said it appointed Srinivasan Vaidyanathan as the chief financial officer (CFO), with immediate effect.

The incumbent CFO of the bank, Sashidhar Jagdishan, would continue to head the finance function, and shoulder additional responsibilities as in charge of the verticals of legal & secretarial, human resources, corporate communications, infrastructure, administration, corporate social responsibility and 'change agent of the bank'. Vaidyanathan would continue to report to Jagdishan. Vaidyanathan and Jagdishan would be 'key managerial personnel' of the bank pursuant to Companies Act, 2013 and the Regulations. The announcement was made after the market hours yesterday, 22 August 2019.

Vaidyanathan is a Fellow of the Institute of Chartered Accountants of India, Cost and Management Accountants of India and Licentiate of the Institute of Company Secretaries of India. He is also a Fellow of Association of International Accountants, United Kingdom and member of CMA, USA. He also holds an MBA degree. He has worked across various geographies such as Singapore, Hong Kong and US and industry segments covering banks, with a rich and varied experience of three decades covering business partnerships, controllership, cost management, tax and treasury management.

Shares of HDFC Bank fell 3.38% in two trading sessions to its current market price of Rs 2,150.60, from a recent closing high of Rs 2,226 on 21 August 2019.

On BSE, 50,000 shares were traded in HDFC Bank counter, compared to a 2-week average of 1.62 lakh shares. The stock hit an intraday high of Rs 2,165.85 and an intraday low of Rs 2,139.50.

It hit a 52-week high of Rs 2,502.90 on 3 July 2019 and a 52-week low of Rs 1,884.40 on 31 October 2018.

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