Mumbai, March 19: HDFC Bank, India’s largest private sector bank, experienced a significant drop in its shares, falling over 4% after the resignation of its part-time chairman and independent director, Atanu Chakraborty.
As of 11:16 AM, HDFC Bank’s shares were down by ₹40, or 4.80%, trading at ₹802.
According to the bank’s exchange filing, Chakraborty resigned from his position effective March 18. The Reserve Bank of India (RBI) has approved the bank’s request to appoint Keki Mistry as interim part-time chairman for a three-month period starting March 19.
Despite the leadership change, Mistry stated that there are no major issues following Chakraborty’s departure.
Chakraborty joined the bank’s board in 2021. In his resignation letter, he expressed concerns about certain developments within the bank over the past two years.
He stated, “In the last two years, I have observed events and processes within the bank that do not align with my personal values and ethics. This is the basis for my decision. I confirm that there are no other substantial reasons for my resignation apart from the aforementioned.”
Speaking to NDTV Profit, Chakraborty clarified that his resignation is not related to any irregularities within the bank.
He explained, “I am not pointing to any irregularities in the bank. My ideologies did not align with the organization, so it was time to part ways.” He reiterated that his decision is solely based on ideological differences regarding values and perspectives.
–
My name is Himanshu Tiwari. I am an experienced content writer with several years of expertise in the field. Currently, I contribute to Daily Kiran, creating engaging and informative content across a variety of categories including TECHNOLOGY, health, travel, education, and automobiles. My goal is to deliver accurate, insightful, and captivating information through my words to help readers stay informed and empowered.
Leave a Comment