HDFC Bank (HDB) legal head exercises 4,000 options at $8.28

Rhea-AI Filing Summary

HDFC Bank officer Sudhirkumar Jha, Group Head – Corporate Legal, exercised employee stock options to acquire 4,000 equity shares on March 19, 2026. The options were exercised at an effective price of $8.28 per share. Following this in-the-money derivative exercise, Jha directly holds 44,190 equity shares of HDFC Bank.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Jha Sudhirkumar

(Last) (First) (Middle)

HDFC BANK LIMITED, HDFC BANK HOUSE

SENAPATI BAPAT MARG, LOWER PAREL (WEST)

(Street)

MUMBAI INDIA 400013

(City) (State) (Zip)

INDIA

(Country)

2. Issuer Name and Ticker or Trading Symbol
HDFC BANK LTD [ HDB ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	Group Head - Corporate Legal

2a. Foreign Trading Symbol
[HDFCBANK]

3. Date of Earliest Transaction (Month/Day/Year)
03/19/2026

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

4. If Amendment, Date of Original Filed (Month/Day/Year)

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Equity Shares	03/19/2026(1)		X(2)		4,000	A	$8.28(3)	44,190	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Employee Stock Option (Right to Buy)	$8.28(3)	03/19/2026(1)		X(2)			4,000	10/25/2024	10/25/2028	Equity Shares	4,000	$8.28(3)	13,400	D

Explanation of Responses:

1. The date entered is the Employee Stock Option (Right to Buy) Exercise Date

2. X represents Exercise of Employee Stock Options (Right to Buy)

3. The exercise price is Indian Rupees (INR) 753.03 which based on an exchange rate of INR 1.00 = USD $ 0.011 as of 03/23/2026 would correspond to an exercise price in USD $ 8.28

Remarks:

The equity shares of the Bank are listed on NSE and BSE. The Trading symbol of NSE is HDFCBANK and is mentioned in the form under Foreign Trading Symbol. The Foreign Trading Symbol of BSE is 500180

	/s/ Dhanjit Thaivalappil, Attorney in fact for Jha Sudhir Kumar	03/23/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.
* Form 4: SEC 1474 (03-26)

FAQ

What insider transaction did HDFC Bank (HDB) report for Sudhirkumar Jha?

HDFC Bank reported that officer Sudhirkumar Jha exercised employee stock options to acquire 4,000 equity shares on March 19, 2026. This was an in-the-money derivative exercise, converting options into directly held HDFC Bank equity shares.

At what price did Sudhirkumar Jha exercise HDFC Bank (HDB) stock options?

Sudhirkumar Jha exercised 4,000 HDFC Bank employee stock options at an effective exercise price of $8.28 per share. The footnote explains this corresponds to INR 753.03, using an exchange rate of INR 1.00 = USD $0.011 as of March 23, 2026.

How many HDFC Bank (HDB) shares does Sudhirkumar Jha hold after this Form 4?

After exercising options, Sudhirkumar Jha directly holds 44,190 HDFC Bank equity shares. This total reflects the addition of 4,000 shares acquired through the in-the-money employee stock option exercise reported for March 19, 2026.

Was the HDFC Bank (HDB) Form 4 transaction a purchase or an option exercise?

The HDFC Bank Form 4 reports an option exercise, not an open-market purchase. Sudhirkumar Jha exercised employee stock options coded as “X,” described as an in-the-money derivative exercise, resulting in the acquisition of 4,000 equity shares.

Did Sudhirkumar Jha sell any HDFC Bank (HDB) shares in this Form 4?

No sales were reported in this Form 4. The transaction summary shows two acquire-direction entries and zero sell or dispose transactions, indicating only the exercise of options and resulting acquisition of 4,000 equity shares, with no shares sold.

What role does Sudhirkumar Jha hold at HDFC Bank (HDB) in this Form 4?

In this Form 4, Sudhirkumar Jha is identified as an officer of HDFC Bank with the title “Group Head - Corporate Legal.” The reported transactions therefore relate to equity held directly by a senior legal executive of the bank.