Price of HDFC Bank shares zoomed over 4 per cent on Tuesday afternoon after country’s largest private lender announced that the Reserve Bank of India had approved the appointment of Sashidhar Jagdishan as its Managing Director & CEO for a tenure of three years with effect from October 27.

The scrip witnessed day’s high of Rs 1,059.90 up by 5.78 per cent. At 2.28 pm, shares of the company traded at Rs 1,045.40, up by 4.34 per cent or Rs 43.45 on the BSE.

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Similarly, on the NSE, shares had witnessed a spike to Rs 1061.05 earlier in the day. However, it came down to trade 4.29 per cent higher or Rs 43 up at Rs 1,045.00.

Earlier in the day, the private lender in a BSE filing had said, “… the Board of Directors of the Bank will be convened in due course inter alia to approve the appointment of Mr. Sashidhar Jagdishan as the Managing Director & CEO of the Bank, in place of Mr. Aditya Puri, who is due to retire as Managing Director of the Bank on October 26, 2020.”

During his stint at the HDFC Bank, Jagdishan has held a wide range of positions. He is currently the Group Head of Finance, Human Resources, Legal & Secretarial, Administration, Infrastructure, Corporate Communications, Corporate Social Responsibility & the Strategic Change Agent of the bank.

He has an overall experience of 30 years.

Jagdishan joined the HDFC Bank in the year 1996 as a Manager in the Finance function. He became Business Head- Finance in 1999 and was appointed as Chief Financial Officer in the year 2008. He has played a critical role in supporting the growth trajectory of the Bank.

Prior to joining HDFC Bank, Jagdishan was a Senior Officer in the Country Financial Control Division of Deutsche Bank, AG, Mumbai.