New Delhi, March 20 HDFC Bank's shares continued to fall on Friday, declining by over 2%, after its non-executive chairman Atanu Chakraborty abruptly resigned, citing differences over "values and ethics".
The blue-chip stock dropped 2.36% to ₹780.75 on the BSE.
At the NSE, it edged lower by 2.19% to ₹780.70.
HDFC Bank's shares plunged by over 5% on Thursday.
HDFC Bank's non-executive chairman Atanu Chakraborty abruptly resigned, citing differences over "values and ethics" – a ground that the management of the country's second-largest lender said was baffling, as the former bureaucrat offered no specific instance despite repeated requests.
Keki Mistry, a veteran of the HDFC Bank Group, who was appointed as the interim chairman following the resignation, said there may have been "relationship issues" between Chakraborty and the executive leadership, but found no "substantive" concerns behind the departure.
Mistry emphasised that the bank's operations and governance remain stable.
This is the first time that a part-time chairman of HDFC Bank has left mid-way, raising concerns over the lender's functioning.
"Certain happenings and practices within the bank, that I have observed over the last two years, are not in congruence 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 Governance, Nomination, Remuneration Committee (NRC) H K Bhanwala, Chakraborty said, "There are no other material reasons for my resignation other than those stated above".
In a late evening filing on Wednesday, HDFC Bank said Chakraborty has tendered his resignation as the Part-time Chairman and Independent Director of the bank with immediate effect, effective March 18, 2026.