HDFC Bank Faces Turbulence Amid Chairman's Resignation
HDFC Bank's shares plunged over 5% after Chairman Atanu Chakraborty's resignation, citing ethical concerns. The stock hit a 52-week low, affecting its market valuation. Despite the turmoil, the Reserve Bank of India reported no material governance concerns, and Keki Mistry was appointed as interim chairman.
- Country:
- India
On Thursday, HDFC Bank experienced significant losses as its shares fell more than 5% following the resignation of Chairman Atanu Chakraborty, who stepped down citing ethical conflicts. The stock closed at Rs 799.70 on BSE, marking a drastic drop after touching its 52-week low during trading.
This sudden resignation led the bank's market value to decrease by Rs 65,946.08 crore, amounting to Rs 12,30,896.85 crore. Despite the sharp decline, the Reserve Bank of India dismissed any substantial issues with the bank's governance practices.
The Reserve Bank has given its nod to Keki Mistry's appointment as interim part-time chairman. Moving forward, HDFC Bank, considered a Domestic Systemically Important Bank, remains under close scrutiny to maintain its reputational integrity.
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