India, Oct. 5 -- Shares of HDFC Bank gained nearly 2% on Monday after the private sector lender announced Anup Bagchi as its next managing director and chief executive officer. The bank also reported strong growth in advances and deposits for the quarter ended September 30.

Bagchi, who currently heads ICICI Prudential Life Insurance, will assume charge at HDFC Bank on October 27 for a three-year term. He will succeed Sashidhar Jagdishan, whose tenure ends on October 26.

HDFC Bank Share Price Gains

HDFC Bank shares opened 1.67% higher at Rs 733.25 on the BSE on Monday and gained as much as 1.8% during the trading session. The positive market reaction followed the announcement of Bagchi's appointment along with the bank's latest business...