Newly issued dollar bonds by HDFC Bank Ltd., India’s most valuable lender, slid to record lows on Tuesday as Chief Executive Officer Sashidhar Jagdishan’s unexpected decision to step down continued to weigh on investor sentiment.
Notes of the Mumbai-based lender fell for a fifth straight session as the lender confronts a slew of issues that have placed its governance practices under intense scrutiny recently. Shares of HDFC, which has a market capitalization of $116 billion, have also underperformed the broader Indian market.
HDFC’s dollar bond maturing in June 2031 dropped as much as 0.13 cents on the dollar on Tuesday to 98.504 cents, the lowest level since its issuance in June, according to Bloomberg-compiled data. Its US currency notes due in August 2029 and August 2031, issued last week, also declined to their weakest levels.
