Aditya Puri on HDFC Bank stake sale: ‘Nothing to do with bank; need money for retirement’

Aditya Puri, Managing Director of HDFC Bank said his recent sale of the bank's shares was a personal decision and not in any way related to the bank.

“My share sale had nothing to do with the bank. I need money for retirement,” Puri told CNBC-TV18. Puri retires as HDFC Bank's Managing Director on October 26, 2020.

Puri sold roughly 7.42 million HDFC Bank shares or 0.13 percent stake worth Rs 842.87 crore between July 21 and 23. As of June 30, Puri held 7.8 million shares or roughly 0.14 percent stake in the bank. Puri now holds only 3.76 lakh shares of the bank or 0.01 per cent.

Also Read: How investors should read Aditya Puri's surprise stake sale in HDFC Bank

Late last evening, RBI approved the appointment of Sashidhar Jagdishan as Aditya Puri's successor at HDFC Bank. Jagdishan is currently the Additional Director & Head of Finance, HR at the bank.

Puri said he was absolutely delighted about Jagdishan succeeding him, as he has the necessary skills to lead the bank and is a thorough executor. Puri said, "the best is yet to come for HDFC Bank."

Also read: HDFC Bank share price gains near

“There are three priorities for the bank. To digitise and take services across length and breadth of the country, to increase penetration in semi-urban and rural India, train people and offer the widest product range,” he added.

The private lenders' share price nearly 6 percent intraday on news of the appointment of the new CEO.

Original Source: https://www.moneycontrol.com/news/business/aditya-puri-on-hdfc-bank-stake-sale-nothing-to-do-with-bank-need-money-for-retirement-5642761.html