HDFC Bank’s bonds fall to record low after CEO’s shock exit

HDFC Bank dollar bonds fell to record lows for a fifth straight session after CEO Sashidhar Jagdishan's unexpected exit, with the June 2031 bond dropping to 98.504 cents. Shares fell as much as 1.5% intraday and have lost about 28% year-to-date versus a 3.3% decline in the Nifty Bank Index. The bank is engaging an executive search firm to fast-track succession, though analysts at Moody's and Bloomberg Intelligence note that fundamental creditworthiness remains intact.