HDFC Bank on Monday said that incumbent chief Aditya Puri has received the approval of the Indian banking regulator to stay as the MD-CEO of the private lender until October 2020.
“The Reserve Bank of India, vide its letter dated October 22, 2018, has accorded its approval to HDFC Bank Ltd. for the reappointment of Aditya Puri as MD & CEO of the Bank from November 1, 2018, to October 26, 2020 (i.e. till the date of his attaining age of 70 years),” HDFC Bank said in a filing to the exchanges post market hours on Monday.
“Shareholders had already approved his appointment in 2015 for a period of 5 years, subject to RBI approval,” the release added.
Puri has been at the helm of the bank since 1994, making him the longest-serving head of any private bank in India.
HDFC Bank share price ended at Rs1,924, down Rs38.25, or 1.95%, from its previous close of Rs1,962.25 on the BSE.
The scrip opened at Rs1,963 and touched a high and low of Rs1,963.10 and Rs1,895.25, respectively. A total of 45,12,610 (NSE+BSE) shares were traded on the counter.
The stock traded below its 100-DMA.