New Delhi, March 23 Shares of HDFC Bank have been on a downward trend, falling by nearly 12 per cent in three days, after its non-executive chairman Atanu Chakraborty abruptly resigned, citing differences over "values and ethics".
On Monday, the heavyweight stock plummeted 4.70 per cent to close at Rs 743.75 on the BSE. During the day, it fell 5 per cent to Rs 740.95 – the 52-week low.
At the NSE, the stock declined 4.65 per cent to end at Rs 744.15.
The market valuation of the firm has dropped by Rs 1,52,064.22 crore to Rs 11,44,778.71 crore, following a 11.76 per cent decline in the stock.
HDFC Bank's non-executive chairman, Atanu Chakraborty, abruptly resigned, citing differences over "values and ethics" – a ground that the management of the country's second-largest lender said was baffling, as the former bureaucrat offered no specific instance despite repeated requests.
Keki Mistry, a veteran of the HDFC Bank Group, who was appointed the interim chairman following the resignation, said there may have been "relationship issues" between Chakraborty and the executive leadership, but found no "substantive" concerns behind the departure.
Mistry emphasised that the bank's operations and governance remain stable.
This is the first time that a part-time chairman of HDFC Bank has left mid-way, raising concerns over the lender's functioning.
"Certain happenings and practices within the bank that I have observed over the last two years are not in congruence with my personal values and ethics. This is the basis of my aforementioned decision," he said in his resignation letter dated March 17.
In a letter addressed to the Chairman of Governance, Nomination, Remuneration Committee (NRC), H K Bhanwala, Chakraborty said, "There are no other material reasons for my resignation other than those stated above".
In a late evening Wednesday filing, HDFC Bank said Chakraborty has on March 18, 2026, tendered his resignation as the Part-time Chairman and Independent Director of the bank with immediate effect.
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