$HDFCBANK

HDFC Bank shares are expected to remain in focus on June 30 after the lender appointed former Chief Election Commissioner and former Finance Secretary Rajiv Kumar as its new part-time chairman, a move seen as an important step in addressing governance concerns that have weighed on investor sentiment. The bank's stock closed 0.33 percent higher at Rs 798.9 in the previous trading session. Despite the uptick, HDFC Bank shares have declined around 20.7 percent over the past year, underperforming the Nifty 50, which has fallen 6.2 percent during the same period. The bank currently has a market capitalisation of approximately Rs 12.3 lakh crore. In a regulatory filing late on June 29, HDFC Bank said its board had appointed Rajiv Kumar as part-time chairman for a three-year term, effective from the date of approval by the Reserve Bank of India (RBI). The appointment is subject to the central bank's approval. The board has also approved Kumar's appointment as an additional independent director for a four-year term starting June 30, subject to shareholders' approval. Shareholders will vote on the proposal at the bank's annual general meeting, scheduled for August 5.