US EditionIndia's HDFC Bank shares slide after chairman exits over ethical ...
- 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.
45 Articles
45 Articles
HDFC value erodes by Rs 61,000 crore after chairman resigns on ethical grounds
Mumbai: Shares of HDFC Bank came under pressure on Thursday, March 19, after the country’s largest private lender’s part-time Chairman and Independent Director, Atanu Chakraborty, stepped down with immediate effect, citing a mismatch between his personal values and certain practices observed within the bank. In domestic trade, the stock slipped over 4 per cent during the session, while its American Depositary Receipts (ADR) in the US market saw …
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, …
Atanu Chakraborty calls resignation from HDFC Bank "routine"
In his first response following his resignation, Atanu Chakraborty, former Non-Executive Chairman of HDFC Bank, described the development as a routine matter and declined to elaborate on the circumstances surrounding his exit.
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.
Coverage Details
Bias Distribution
- 39% of the sources lean Right
Factuality
To view factuality data please Upgrade to Premium
