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HDFC Bank Chairman Resigns | Stock Falls 5% | Bank Denies Governance Concerns | Centre Point
Atanu Chakraborty has resigned as Part-Time Chairman and Independent Director of HDFC Bank, citing that certain practices at the bank over the past two years were not aligned with his personal values. The RBI has approved Keki Mistry as Interim Part-Time Chairman for three months. The development comes as the benefits of the HDFC Bank–HDFC Ltd merger are still unfolding. Meanwhile, US-listed HDFC Bank ADRs dropped 7% overnight, raising questions among investors about leadership transition at India’s largest private lender. Watch the full MC Pro analysis on what this means for HDFC Bank and its investors.
HDFC Bank shares gain today; brokerages bullish after legal review eases governance concerns
HDFC Bank shares edged up on Monday morning. Analysts said an independent legal review into allegations raised by former chairman Atanu Chakraborty should help reduce governance concerns that have weighed on the stock in recent months.