Shares of HDFC Bank's American depositary receipts rose more than 2% in early trading Monday as India's largest private sector bank began a new era under a new chief executive.

The ADR, which trades on the New York Stock Exchange under the symbol HDB, gained 51 cents, or 2.30%, to $22.69 shortly after the opening bell.

In India, HDFC Bank's shares were little changed Monday at about 692.7 rupees, after rising 1.39% on Friday. Each ADR represents three ordinary shares.

The ADR gain came as Indian stocks rallied Monday, with the benchmark Nifty 50 index rising more than 1% led by a surge in Reliance Industries.

HDFC Bank is in the midst of a major leadership transition. Anup Bagchi took over as managing director and chief executive on Oct. 27, succeeding Sashidhar Jagdishan, whose tenure ended at the close of business on Oct.........

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