HDFC Bank's stock dropped 4% to ₹808.80 following the resignation of its part-time chairman, Atanu Chakraborty, due to ethical concerns. Chakraborty cited governance issues conflicting with his personal values as the reason for his departure. The Reserve Bank of India has approved Keki Mistry as the interim part-time chairman for three months, effective March 19. Chakraborty, who joined the board in 2021, played a key role in the $40 billion merger with Housing Development Finance Corporation, enhancing HDFC Bank's position as India's second-largest bank.
HDFC Bank Shares Fall 4% After Chairman Resigns Over Ethical Concerns
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