New Delhi, Aug 4 (PTI) Shares of HDFC Bank on Tuesday rose 4 per cent after the RBI approved the appointment of Sashidhar Jagdishan as the next chief executive officer and managing director of the country's largest private sector lender.

The stock gained 3.94 per cent to close at Rs 1,041.40 on the BSE. During the day, it jumped 5.78 per cent to Rs 1,059.90.

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On the NSE, it rose by 3.95 per cent to close at Rs 1,041.65.

In traded volume terms, 10.61 lakh shares were traded on the BSE and over 3 crore shares on the NSE during the day.

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Sashidhar Jagdishan, the 'Strategic Change Agent' at HDFC Bank, will succeed Aditya Puri as the chief executive officer and managing director of the country's largest private sector lender from late October.

HDFC Bank on Tuesday said the appointment of Jagdishan has been approved by the Reserve Bank of India (RBI) for three years starting from October 27.

Puri has led the bank since its founding more than 25 years ago and the appointment of the 55-year-old Jagdishan ends one of the most keenly watched successions in the Indian banking space.

Under Puri's leadership, HDFC Bank has become the most valued Indian lender by investors with a market cap of over Rs 5.72 lakh crore, majorly due to its ability to keep strong controls over dud assets and delivering healthy profit growths, even as the banking system witnessed a spurt in bad loans.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)