HDFC Bank Share Price: business desk. HDFC Bank shares remained sluggish in early trade on Friday i.e. August 28, 2026. During trading, the stock fell to Rs 706.35, which is its one-year record low.
However, the stock recovered from the low and is currently trading at Rs 714.30 on BSE with a gain of 0.32%. It also rose 0.47% to Rs 715.25 intra-day.
Amidst the weakness in the stock, global brokerage firm Macquarie has maintained its outperform rating on HDFC Bank. The brokerage has set the target price of the share at Rs 1,150. That means, there is a possibility of a good rise in it from the current level.
Why is the stock under pressure regarding CEO?
The biggest pressure on the shares of HDFC Bank is currently due to the uncertainty regarding the next CEO of the bank. The tenure of current CEO Shashi Jagadeesan is ending on 26 October 2026. In such a situation, the bank has about two months left to decide on the name of the new CEO.
According to Macquarie, the bank's NRC i.e. Nomination and Remuneration Committee will consider the potential candidates and select a name and send it to the board. After this, after getting the approval of the Board, the name will be sent to RBI for final approval.
According to the brokerage, in recent cases the RBI has taken about 30 to 45 days to take a decision on the name sent from the board. For this reason, there is uncertainty in the market regarding the process of CEO appointment.
First option: 6 months extension to Shashi Jagadeesan
Macquarie has given two possibilities regarding the CEO. The first possibility is that Shashi Jagadeesan should be given an extension of only 6 months.
If this happens, it may indicate that the bank's board is considering appointing another person as the next CEO and wants additional time to search for a new candidate and get RBI approval.
In this situation, uncertainty regarding the CEO may persist for some more time. It will also take time for the new CEO to take charge of the bank and implement his strategy. Due to this, pressure on the stock may continue further.
Second option: New term of full 3 years
The second possibility of Macquarie is to give a new term of full 3 years to Shashi Jagadeesan.
The brokerage believes that if this happens then the current uncertainty regarding the CEO will end immediately. This may provide support to the stock at current levels. After this, the direction of the stock will mainly depend on the fundamentals and financial performance of the bank.
Shares fell more than 30% in 10 months
HDFC Bank shares have seen a big decline in the last 10 months. On October 23, 2025, the stock had made a one-year record high of Rs 1,020.35.
After this the stock came under continuous pressure and reached a one-year record low of Rs 706.35 intra-day on August 28, 2026. That means it has come down by about 30.77% from its record high.
However, now Macquarie's outperform rating and target price of Rs 1,150 have again drawn the attention of investors towards this stock. The decision regarding the CEO is now being considered an important trigger for the future direction of the stock.
Note: Brokerage's target is an estimate, not a guarantee. Investing in the stock market is subject to market risks.
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