HDFC Bank falls 2% after management rejig; appoints Srinivasan Vaidyanathan as CFO

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The stock in last three months shed more than 10 percent.




Shares of HDFC Bank fell 1.6 percent intraday on August 23 after the private sector lender announced management restructuring.

The stock in the last three months shed more than 10 percent. It was quoting at Rs 2,149.40, down Rs 24.35, or 1.12 percent on the BSE at 1016 hours.

The country's largest private sector lender by market capitalisation informed exchanges that its board of directors, on August 22, 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', it said.

The bank further said Vaidyanathan would continue to report to Jagdishan.

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.


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