HDFC Bank shares tumble on chairman's ethics resignation. Part-time chairman Atanu Chakraborty resigned Thursday citing differences over values and ethics, causing stock to plunge 8.7% before paring losses to trade down 3.55% at 813 rupees. Chakraborty, a former bureaucrat appointed in April 2021, cited certain practices within the bank over the past two years that conflicted with his personal values without providing specifics. The Reserve Bank of India moved quickly to reassure markets, approving Keki Mistry, a longtime HDFC group insider, as interim part-time chairman for three months. RBI emphasized HDFC Bank remains financially sound as a systemically important lender with no material governance concerns and sufficient liquidity. Chakraborty later downplayed the resignation as routine, though governance questions persist around the unexplained ethical issues.
