HDFC Bank Slumps Over 8% After Chairman Atanu Chakraborty Resigns
Shares of HDFC Bank plunged over 8% to an intraday low of ₹772 on the BSE on Thursday, rattled by a sudden leadership exit at the top. Part-time chairman Atanu Chakraborty stepped down, citing concerns over certain developments within the bank that he said did not align with his personal values and ethics.
The bank has named Keki Mistry as interim part-time chairman, subject to approval from the Reserve Bank of India.
Chakraborty, who joined the board in 2021, oversaw key developments including the merger of HDFC Ltd with the bank—creating one of India’s largest financial institutions. However, he noted that the full benefits of the merger are yet to materialise.
Investor sentiment weakened further as the bank’s US-listed ADRs fell more than 7% overnight to $26.62. The stock has already been under pressure, slipping 8% over the past month, 13% in six months, and nearly 15% year-to-date.
Q3 Still Strong
Despite the sharp sell-off, HDFC Bank posted solid December-quarter numbers. Net profit rose 11% year-on-year to ₹18,654 crore, beating estimates. Net interest income climbed 6.4% to ₹32,620 crore, while margins stood at 3.35% on total assets.
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