HDFC Bank shares rise nearly 3% as brokers back CEO transition while trimming targets on near-term risks
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HDFC Bank shares rose on optimism that an orderly CEO transition could reset the bank's narrative and reduce regulatory overhang, but brokerages highlighted near-term uncertainty and cut target prices and earnings estimates. The succession timeline and candidate credibility are now central, as management change could affect deposit mobilisation, fee income momentum, and valuation assumptions while the bank continues to digest merger aftereffects.
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HDFC Bank shares rose nearly 3% in early trade on August 31 as investors focused on an upcoming leadership transition. Reports said the board is considering former State Bank of India chairman Dinesh Khara to take over as MD and CEO. Jefferies kept its buy rating but cut its target price and lowered earnings forecasts, while IIFL said the incumbent CEO’s decision to step down is neutral to modestly positive as it removes uncertainty tied to regulatory approval.
