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India's HDFC Bank Shares Slide After Chairman Exits over Ethical ...
Atanu Chakraborty cited governance and ethical issues for his resignation as HDFC Bank chairman, triggering a 5% share drop and RBI appointing Keki Mistry as interim chairman.
- On Thursday, Atanu Chakraborty resigned as HDFC Bank's part-time chairman, citing differences over "values and ethics," triggering an 8.7% share price decline, the steepest drop in over two years.
- In his March 17 resignation letter, Chakraborty stated that "certain happenings and practices" observed over the last two years were not in congruence with his personal values and ethics.
- The Reserve Bank appointed Keki Mistry, former HDFC Ltd vice-chairman, as interim part-time chairman for three months effective March 19. Mistry stated the board received no specific evidence of unethical practices from Chakraborty.
- Deven Choksey, founder of DRChoksey FinServ, called Mistry's appointment a "strong firefighting move," while warning of "significant selling pressure" and advising investors to avoid "bottomfishing" until governance concerns are addressed.
- Kotak Institutional Equities noted that while the bank's governance standards have historically been "strong," this episode raises concerns about aspects that could be "material from a stock multiple perspective.
30 Articles
30 Articles
HDFC Bank Chairman Atanu Chakraborty Resigns Over Ethical Concerns
Atanu Chakraborty resigned as the part-time chairman and independent director of HDFC Bank with immediate effect on 18 March 2026. His resignation letter cited that certain practices within the bank over the past two years were not in alignment with his personal values and ethics. Keki Mistry was appointed as interim part-time chairman for a period of three months, effective 19 March 2026. The Reserve Bank of India approved the transition plan, …
HDFC Bank Share Price LIVE: HDFC shares plunge after part-time chairman resigns on 'ethical' concerns
HDFC Bank stocks today, HDFC Bank share price LIVE updates: Shares of HDFC Bank fell as much as 8.7% on Thursday, after India’s second-largest lender said its part-time chairman Atanu Chakraborty resigned citing differences over “values and ethics”, which has raised governance concerns.
Atanu Chakraborty: Retired IAS officer whose abrupt exit from HDFC has raised eyebrows
In his resignation letter, Atanu Chakraborty flagged concerns over the bank’s internal functioning, stating that “certain happenings and practices within the bank” over the past two years were “not in congruence with my personal values and ethics”.
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