New Delhi, Sept. 1 -- When Sashidhar Jagdishan steps down as managing director and chief executive on 26 October, he will leave behind a markedly different shareholder register at HDFC Bank. Domestic mutual funds more than doubled their stake during his tenure, even as the lender's stock underperformed most of its banking peers.

Between 26 October 2020, the last trading day before Jagdishan took charge, and 31 August 2026, HDFC Bank's adjusted share price grew by just 17%, according to a Mint analysis of ACE Equity data.

By comparison, 20 private-sector banks delivered a median return of 148%, while 12 public-sector banks delivered a 374% median return. On an absolute basis, the Nifty Private Bank index gained 110%, while the Nifty PSU ...