New Delhi, Sept. 7 -- HDFC Bank's small-shareholder base more than tripled since Sashidhar Jagdishan took charge as chief executive officer in October 2020, although the stock gained only 18% through 4 September.

The number of retail shareholders (individuals holding nominal share capital of up to Rs.1 lakh) rose from 1.27 million in December 2020, the first quarter after Jagdishan took charge, to 4.41 million as of 30 June, a Mint analysis of ACE Equity data showed.

HDFC Bank's addition of 3.14 million retail investors over this period was the highest among 34 listed lenders. Yes Bank ranked second with an addition of 2.52 million, followed by IDFC First Bank with 1.73 million.

Yet, the combined stake of retail investors in HDFC Bank ...