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HDFC Bank (NYSE: HDB) executive exercises 51,800 options, holds 1.43M shares

Filing Impact
(Very High)
Filing Sentiment
(Neutral)
Form Type
4

Rhea-AI Filing Summary

HDFC Bank Group Head – Corporate Banking, Nirav Vimal Shah, exercised employee stock options for 51,800 equity shares at an exercise price of $7.85 per share (INR 713.23). The transaction is coded as an in-the-money derivative exercise, not an open-market purchase.

Following the exercise, Shah directly holds 1,428,600 equity shares of HDFC Bank. The filing shows no same-day sale or tax-withholding disposition, indicating this was an exercise-and-hold transaction for the full 51,800 shares.

Positive

  • None.

Negative

  • None.
Insider Shah Nirav Vimal
Role Group Head Corporate Banking
Type Security Shares Price Value
X Employee Stock Option (Right to Buy) 51,800 $7.85 $407K
X Equity Shares 51,800 $7.85 $407K
Holdings After Transaction: Employee Stock Option (Right to Buy) — 0 shares (Direct); Equity Shares — 1,428,600 shares (Direct)
Footnotes (1)
  1. The date entered is the Employee Stock Option (Right to Buy) Exercise Date X represents Exercise of Employee Stock Options (Right to Buy) The exercise price is Indian Rupees (INR) 713.23 which based on an exchange rate of INR 1.00 = USD $ 0.011 as of 04/17/2026 would correspond to an exercise price in USD $ 7.85
Options exercised 51,800 shares Employee Stock Option (Right to Buy) exercised on April 16, 2026
Exercise price (USD) $7.85 per share In-the-money derivative exercise, based on INR 713.23 and FX rate
Exercise price (INR) INR 713.23 per share Employee Stock Option exercise price stated in local currency
Shares owned after transaction 1,428,600 shares Total direct equity shares following non-derivative entry
Derivative shares underlying options 51,800 shares Underlying equity shares for the exercised Employee Stock Option
Employee Stock Option (Right to Buy) financial
"security_title: "Employee Stock Option (Right to Buy)""
in-the-money derivative exercise financial
"transaction_action: "in-the-money derivative exercise""
derivative security financial
"transaction_code_description: "Exercise of in-the-money or at-the-money derivative security""
A derivative security is a financial contract whose value comes from the price or performance of something else, such as a stock, bond, commodity, or market index. For investors it acts like an insurance policy or a wager: it can be used to protect against losses, lock in prices, or amplify gains and losses, so it can change a portfolio’s risk and potential return without owning the underlying asset directly.
exercise price financial
"The exercise price is Indian Rupees (INR) 713.23 which..."
The exercise price is the fixed amount at which you can buy or sell an asset, like a stock, when using an options contract. It matters because it helps determine whether exercising the option will be profitable or not, depending on the current market price. Think of it as the set price you agree on today to buy or sell later.
equity shares financial
"underlying_security_title: "Equity Shares""
Equity shares are units of ownership in a company that give the holder a claim on a portion of its assets and profits, like owning a slice of a business. They matter to investors because their value can rise or fall with the company’s performance and market sentiment, may provide periodic income through dividends, and often carry voting rights that influence how the business is run.
Form 4 Insider Transactions: What Each Field Means →
SEC Form 4
FORM 4UNITED 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
OMB APPROVAL
OMB Number:3235-0287
Estimated average burden
hours per response:0.5
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*
Shah Nirav Vimal
(Last)(First)(Middle)
HDFC BANK LIMITED, HDFC BANK HOUSE
SENAPATI BAPAT MARG, LOWER PAREL (WEST)
(Street)
MUMBAIINDIA400013
(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)
Director10% Owner
XOfficer (give title below)Other (specify below)
Group Head Corporate Banking
2a. Foreign Trading Symbol
[HDFCBANK]
3. Date of Earliest Transaction (Month/Day/Year)
04/16/2026		6. Individual or Joint/Group Filing (Check Applicable Line)
XForm 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)
CodeVAmount(A) or (D)Price
Equity Shares04/16/2026(1)X(2)51,800A$7.85(3)1,428,600D
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)
CodeV(A)(D)Date ExercisableExpiration DateTitleAmount or Number of Shares
Employee Stock Option (Right to Buy)$7.85(3)04/16/2026(1)X(2)51,80007/31/202407/31/2026Equity Shares51,800$7.85(3)0D
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) 713.23 which based on an exchange rate of INR 1.00 = USD $ 0.011 as of 04/17/2026 would correspond to an exercise price in USD $ 7.85
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 Group Head - Corporate Banking
/s/ Dhanjit Thaivalappil, Attorney in fact for Shah Nirav Vimal04/17/2026
** Signature of Reporting PersonDate
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)

Source: View Original Filing on SEC EDGAR

FAQ

What insider transaction did HDFC Bank (HDB) report for Nirav Vimal Shah?

HDFC Bank reported that Group Head – Corporate Banking, Nirav Vimal Shah, exercised employee stock options for 51,800 equity shares. The transaction was an in-the-money derivative exercise, resulting in additional directly held equity shares rather than an open-market purchase or sale.

At what price were the HDFC Bank (HDB) employee stock options exercised?

The employee stock options were exercised at an effective price of $7.85 per share, corresponding to INR 713.23. The INR price was converted using an exchange rate of INR 1.00 to USD $0.011 as referenced in the Form 4 footnotes for this transaction.

How many HDFC Bank (HDB) shares does Nirav Vimal Shah hold after this Form 4 transaction?

After exercising 51,800 options, Nirav Vimal Shah directly holds 1,428,600 equity shares of HDFC Bank. This figure is reported as the total shares owned following the non-derivative transaction associated with the option exercise recorded in the Form 4 filing.

Was the HDFC Bank (HDB) Form 4 transaction an open-market buy or sell?

The Form 4 transaction was not an open-market buy or sell. It is coded as an in-the-money derivative exercise (transaction code X), meaning Shah converted employee stock options into equity shares, with no reported same-day sale or tax-withholding disposition in this filing.

What does the X code mean in the HDFC Bank (HDB) Form 4 for Nirav Vimal Shah?

The X code in this Form 4 indicates an exercise of employee stock options, specifically an in-the-money or at-the-money derivative security. Footnotes clarify that X represents the exercise of Employee Stock Options (Right to Buy) rather than a conventional market purchase or sale.