Trending Now - HDFC Chairman Resigns, Shares Drop Amid Ethical Issues
WHO:
Atanu Chakraborty, part-time chairman of HDFC Bank
Keki Mistry, interim part-time chairman of HDFC Bank
Deven Choksey, founder and managing director of DRChoksey FinServ
Reserve Bank of India (RBI)
Foreign institutional investors, including the Government of Singapore and Norway's Government Pension Fund Global
WHAT:
Atanu Chakraborty resigned from his position as part-time chairman of HDFC Bank
HDFC Bank shares fell by 5% on March 19th, 2026
HDFC Bank's market capitalization was 13.08 trillion rupees ($140 billion) as of March 17th, 2026
The valuation of State Bank of India was 9.95 trillion rupees according to LSEG data
Chakraborty stated in his resignation letter that certain practices within the bank were not in congruence with his personal values and ethics
WHERE:
HDFC Bank, India
WHEN:
Chakraborty's resignation letter was dated March 17th, 2026
The share price drop occurred on March 19th, 2026
WHY:
Chakraborty cited ethical differences and governance concerns as reasons for his resignation
Mistry indicated that Chakraborty did not provide evidence or details regarding the alleged unethical practices
HOW:
Chakraborty submitted his resignation letter during late market hours on March 17th, 2026
Mistry described his appointment as a "strong firefighting move" to address governance concerns
(UPDATED March 19, 2026 11:16 UTC)
In a significant development, Atanu Chakraborty has resigned from his position as part-time chairman of HDFC Bank, citing ethical differences and governance concerns in his resignation letter dated March 17. Following this news, HDFC Bank shares dropped by 5% today, bringing the bank's market capitalization to 13.08 trillion rupees, or about $140 billion. Interim chairman Keki Mistry described Chakraborty's appointment as a "strong firefighting move" to address these governance issues, although he noted that Chakraborty did not provide specific evidence regarding the alleged unethical practices.