New Delhi, March 20 HDFC Bank shares ended over 2 per cent lower on Friday, extending the losses from the previous day, following the abrupt resignation of its non-executive chairman, Atanu Chakraborty, who cited "differences in values and ethics".
The benchmark stock declined by 2.41 per cent, closing at Rs 780.45 on the BSE. During the day, it fell by 2.63 per cent to Rs 778.60.
At the NSE, it edged lower by 2.22 per cent, closing at Rs 780.45.
HDFC Bank shares had fallen over 5 per cent on Thursday.
The company's market valuation has eroded by Rs 95,575.65 crore to Rs 12,01,267.28 crore in two days.
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 resigned 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 Wednesday filing, HDFC Bank said Chakraborty has tendered his resignation as the Part-time Chairman and Independent Director of the bank with immediate effect, on March 18, 2026.