HDFC Bank share price will be in focus on Thursday after the private lender’s part-time Chairman and independent director, Atanu Chakraborty resigned with immediate effect. HDFC Bank ADR cracked more than 7% overnight.
HDFC Bank’s American Depositary Receipts (ADRs) on NYSE ended 7.28% lower at $26.62 apiece after the development.
HDFC Bank has appointed Keki Mistry, the former CEO of HDFC Ltd., as the interim part-time chairman, with effect from March 19, 2026, for a period of 3 months, following the approval from the Reserve Bank of India (RBI).
Chakraborty was appointed as Part-time Chairman and Independent Director of HDFC Bank in April 2021 for a three-year term, and reappointed in May 2024 for a further term extending through May 4, 2027.
In his resignation letter dated March 18, Chakraborty said that certain happenings at the bank were “not in congruence with his personal values and ethics.”
“Certain happenings and practices within the bank, that I have observed over last two years, are not in congruence with my personal Values and Ethics. This is the basis of my aforementioned decision,” he wrote.
There were no other material reasons for his resignation other than those stated above, he added.
During his tenure, HDFC Bank merged with housing finance firm HDFC Ltd in a $40 billion deal to create a financial services behemoth.
