HDFC Bank chief Sashidhar Jagdishan to step down after October term

In a regulatory filing, HDFC Bank disclosed that managing director and chief executive Sashidhar Jagdishan will not pursue another term and will retire on October 26 after nearly three decades with the institution. Jagdishan communicated his choice to the board, which had tried to persuade him to stay, and the board pledged to fast-track the appointment of a new chief. The statement highlighted his commitment, leadership, and contribution to the successful completion of one of India's largest corporate mergers.

His exit comes amid intensified scrutiny of the bank's governance, following the surprise resignation of non-executive chairman Atanu Chakraborty and a July internal review that fined Jagdishan and two senior colleagues over a partnership with the Maharashtra State Road Development Corporation. Recent months have also seen the bank's stock underperform, with investors wary of net-interest margin pressures more than two years after the merger with parent HDFC. Jagdishan, 61, will conclude his tenure after a 30-year career at the lender.