HDFC Bank said on Monday that an internal investigation has uncovered evidence that two senior executives shared confidential business plans and market‑sensitive information with external parties. The probe was triggered after senior leaders raised concerns about potential leaks, and the findings were already shared with board members earlier this year.
Both executives oversee critical business units, but their identities remain undisclosed as the bank continues to assess whether the data was misused. The leaks could have compromised the lender’s competitive edge in highly regulated markets.
The revelations arrive as HDFC Bank readies a leadership transition, with industry veteran Anup Bagchi slated to take the CEO reins on 27 October—making him the first outsider to lead the lender. Incumbent Sashidhar Jagdishan will step down after six years, and Kaizad Bharucha is scheduled to leave at the end of December.
An HDFC Bank spokesperson said the internal review remains underway and that appropriate action will be taken once the review is complete. The bank reiterated its commitment to high ethical standards and strong internal controls.
Investors have noted a 28% decline in the bank’s share price this year, reflecting growing unease over governance issues. The bank will announce disciplinary measures after the review, while the board finalises Bagchi’s appointment.