HDFC Bank’s stock continues to take a beating, plunging to a 52-week low of ₹752 apiece in intraday trading so far on Monday, with trading sentiments negatively influenced by the
The Bank’s stock, which closed at ₹842.95 per share on March 18 (the aforementioned resignation was announced to the exchanges on this day at 22.33 hours), is currently trading at ₹752 on BSE, down 3.65 per cent over the previous close on BSE.
In his resignation letter dated March 17, 2026, Chakraborty said: “I joined the Board of HDFC Bank in May 2021. My tenure on the Board saw momentous events like merger of the bank with HDFC Ltd that created a conglomerate under the Bank. This strategic initiative made HDFC Bank the second largest Bank in the country. Though, the benefits of merger are yet to fully fructify.
“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.”
Addressing analysts on March 19th, Keki Mistry, the newly appointed interim Part-time Chairman, emphasised that there is no “power struggle” in HDFC Bank and some relationship issues will always be there between individuals in any organisation.
Chakraborty’s exit comes amid reports that he insisted on a review of the Bank Chief’s tenure before recommending a further extension of his tenure and alleged strain in relationship between some of the CXOs.
Sashidhar Jagdishan has been helming the Bank as its MD & CEO since October 27, 2020. His second three-year terns ends in October 2026.
Mistry said: “And believe me…at the age of 71, I would not take on this responsibility (as Interim Chairman) for three months if the systems, processes, and governance practices in the bank did not align with my principles and my level of integrity…RBI gave their approval for making me interim chairman for a period of three months to just stabilize things and then move on.”
Replying to a specific question on the possibility of a “power struggle” in an analyst call, Mistry said: “Differences on minor issues do come up from time to time, but there was nothing material whatsoever..There will always be some relationship issue between individuals. Those kind of things happen. There was no power struggle in the bank, as you put it”.
Renu Sud Karnad, Non-Executive (Non-Independent) Director, said: “In fact, we repeatedly asked him (Chakraborty) to tell us why, what had triggered this (resignation) and if there was anything we have to do to get it right.
But he said there was nothing. And that was a bit baffling.”