HDFC Bank shares tumble on leadership crisis. India's largest private lender saw its stock plunge 7.5% over two days after chairman Atanu Chakraborty's abrupt resignation citing ethical concerns. The selloff wiped out nearly one lakh crore in investor wealth on Thursday alone. American Depositary Receipts on NYSE fell another 2% Friday, signaling continued weakness and investor apprehension. Interim chairman Keki Mistry attempted damage control, denying power struggles and governance issues while asserting the bank remains strong on ethics. However, Chakraborty's refusal to clarify his concerns has left markets unsettled. Some analysts view the correction as a potential buying opportunity in deep value territory, though recent developments may warrant valuation discounts.
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