HDFC Bank shares ended lower Oct. 21 while the Indian lender confirmed an internal review of reported information disclosures, days before a scheduled change in chief executive.
An S&P Global Market Intelligence feed lists the bank’s close on the National Stock Exchange of India at ₹706.95, down ₹5.05, or 0.71%, from ₹712 on Oct. 19. The feed gives an Oct. 21 trading range of ₹698.25 to ₹715.40. The Economic Times liveblog gave a different closing figure of ₹703.30.
Bloomberg said people familiar with the matter described evidence that two senior executives had passed confidential business strategies to outsiders, along with information that may have been market-sensitive. HDFC Bank confirmed that a review was underway but did not confirm Bloomberg’s reported findings or identify the executives. A bank spokesperson said it would determine any action after the review.
The bank’s September-quarter earnings included ₹195.1 billion in standalone profit after tax, 4.7% more than a year earlier.
Sashidhar Jagdishan, the outgoing managing director and chief executive officer, finishes his term at the close of business Oct. 26, the bank said in a filing. Anup Bagchi is scheduled to become managing director and chief executive officer Oct. 27, subject to shareholder approval.
