Anup Bagchi's appointment as new MD/CEO draws mixed brokerage views; stock falls despite positive ratings

Mon 5 Oct 2026

Citi target price

970 rupees

Jefferies target price

880 rupees

Stock move today

down 2.5 percent

Nifty points contribution

53 points

Heard on business television between 12:23:30 - 12:26:30 IST.

• Anup Bagchi's achievements at ICICI Bank and ICICI Prudential Life highlighted, including crossing 2 trillion rupees in retail mortgage book and 10,000 crore annual premium equivalent.
• Key challenges flagged for HDFC Bank: HDFC Ltd integration debt, declining yield on assets, rising cost of deposits, weaker CASA mix, and fintech competition.
• Citi gave a buy rating with target price of 970, calling the appointment a positive.
• Jefferies also gave a buy rating with target price of 880, saying the appointment provides clarity on management succession and strategic direction.
• Despite positive brokerage commentary, the stock was down about 2.5% in trade, with HDFC Bank contributing 53 points of cuts to Nifty 50.

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