# HDFC Bank Appoints New CEO

> HDFC Bank's new CEO boost sees Jefferies India target 22% stock gain despite 27% YTD dip.
- Title: HDFC Bank Appoints New CEO · mint | Shortify
- Summary: HDFC Bank's new CEO boost sees Jefferies India target 22% stock gain despite 27% YTD dip. Jefferies India rates HDFC Bank shares a 'buy' with ₹880 target…
- Keywords: hdfc bank, jefferies india, anup bagchi, ceo, stock market, target price, share price, ytd dip, 22% upside, 27% dip, money, HDFC
- Source: mint — https://livemint.com/market/stock-market-news/hdfc-bank-gets-new-md-ceo-stock-is-jefferies-indias-top-pick-22-upside-despite-27-dip-in-ytd-target-price-ratio-11791043530085.html
- Author: Asit Manohar
- Published: 2026-10-04T03:30:25+00:00
- Read time: 1 min
- Topics: hdfc bank, jefferies india, anup bagchi, ceo, md, stock market, target price, share price, ytd dip, 22% upside, 27% dip, money
## HDFC Bank gets new MD-CEO
HDFC Bank shares are Jefferies India's top pick with 22% upside despite 27% YTD dip.

> HDFC Bank shares: Jefferies India report sees HDFC Bank ADR price to touch $28/share at NYSE, as appointment of Anup Bagchi as the new CEO and MD of the private lender is a big positive development
## Jefferies sets ₹880 target
Jefferies India reports ₹880 target price for HDFC Bank shares following Anup Bagchi's appointment as CEO and MD.

> Jefferies India report has set a target price of ₹880 for HDFC Bank shares following the announcement of new CEO and MD Anup Bagchi
## 25% ADR upside expected
Jefferies predicts HDFC Bank ADR could reach $28/share, implying 25% upside from current $22.34 price.

> The Jefferies India report has set a $28 price target for HDFC Bank ADRs, implying around 25% upside from the current price
## RBI approval provides clarity
RBI's approval of Anup Bagchi as MD & CEO provides clarity on management succession and strategic direction.

> RBI's approval of Mr Anup Bagchi as MD & CEO of HDFC Bank will provide clarity on mgt succession & strategic direction
## Retail deposit growth boost
HDFC Bank's retail deposit growth lagged peers at 12% vs 15% for ICICI and 14% for SBI.

> HDFC Bank has lagged peers on LCR retail deposit growth (12% vs 15% for ICICI and 14% for SBI)
## Fee income opportunities
Bancassurance fees form 8% of FY27 pretax profits; 30% improvement could boost profits by 2%.

> Bancassurance fees formed 8% of FY27 pretax profits (normalised), and if there is a 30% impact here, it could lead to a 2% profit impact
## Loan mix re-risking
HDFC Bank could re-risk loan mix to improve ROA through SME, gold loans and unsecured personal loans.

> recalibrating the risk profile toward higher-risk-adjusted segments such as SME/Business banking loans, gold loans, and unsecured personal loans could also support ROA expansion
## 2% profit impact potential
30% improvement in bancassurance fees could lead to 2% profit impact for HDFC Bank.

> if there is a 30% impact here, it could lead to a 2% profit impact
## 27% YTD dip
HDFC Bank shares have dropped 27% in YTD despite recent buying interest.

> HDFC Bank shares have delivered a negative return in YTD by correcting over 27%
## 2% monthly gain
HDFC Bank shares rose 2% in one month, paring September losses.

> In one month's time, HDFC Bank's share price has risen over 2%, paring all initial losses from September
## Key takeaway

Jefferies India rates HDFC Bank shares a 'buy' with ₹880 target after appointing Anup Bagchi as CEO and MD, predicting 22% upside despite 27% YTD decline.