HDFC Bank taps external counsel over ex-chairman's resignation citing ethics concerns
India's largest private lender HDFC Bank has appointed domestic and international law firms to review former part-time chairman Atanu Chakraborty's abrupt resignation last week. Chakraborty cited differences with management over values and ethics, prompting the board to take this governance step on March 23. The surprise exit triggered significant market turmoil, with HDFC Bank shares falling roughly 12% over four sessions and erasing approximately Rs 1.35 lakh crore in market capitalisation. MD and CEO Sashidhar Jagdishan described the situation as fighting a ghost, emphasizing the unpredictable nature of the issues. The bank has appointed Keki Mistry as interim non-executive chairman for three months pending RBI approval.
MA
Tuesday, March 24, 2026 at 10:40 AM
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