New Delhi, March 19 HDFC Bank's shares plunged by nearly 9% on Thursday morning trading after Atanu Chakraborty resigned as chairman of the country's second-largest lender, citing ethical concerns.
The blue-chip stock fell by 8.41% to Rs 772 – its 52-week low – on the BSE.
On the NSE, the stock dropped by 8.66% to hit the 52-week low of Rs 770.
The company's market valuation eroded by Rs 65,176.48 crore to Rs 12,31,666.45 crore.
The stock emerged as the biggest underperformer among the BSE Sensex and NSE Nifty companies.
The 30-share BSE Sensex traded 1740.34 points lower at 74,949.92 in the morning trading. The 50-share NSE Nifty dropped by 514.85 points to 23,262.95.
This was the first time that the part-time chairman of HDFC Bank resigned mid-way, raising concerns about its functioning.
"Certain events and practices within the bank, which I have observed over the past two years, are not in line with my personal values and ethics. This is the basis of my aforementioned decision," he said in his resignation letter dated March 17.
In a letter addressed to the Chairman of the Governance, Nomination, and Remuneration Committee, H K Bhanwala, Chakraborty said, "There are no other material reasons for my resignation other than those stated above."
In a late-evening filing, HDFC Bank said that Chakraborty had tendered his resignation as the Part-time Chairman and Independent Director of the Bank with immediate effect on March 18, 2026.
The bank further said, "Although the resignation letter from Chakraborty was dated March 17, 2026, it was received by the Bank on March 18, 2026, at 15:17 hours (IST)."
Further, the filing said that, based on an application made by the bank, the Reserve Bank of India granted its approval for the appointment of Keki Mistry as an interim part-time chairman of the HDFC Bank with effect from March 19, 2026, for a period of 3 months.