Shares of dived nearly 9 per cent on Thursday morning trade after Atanu Chakraborty resigned as chairman of the country’s second biggest lender citing ethical concerns.
The blue-chip stock tanked 8.41 per cent to ₹772 — its 52-week low — on the BSE.
At the NSE, the stock tumbled 8.66 per cent to hit the 52-week low of ₹770.
The company’s market valuation eroded by ₹65,176.48 crore to ₹12,31,666.45 crore.
The stock emerged as the biggest laggard among the BSE Sensex and NSE Nifty firms.
The 30-share BSE Sensex traded 1740.34 points lower at 74,949.92 in morning trade. The 50-share NSE Nifty dropped 514.85 points to 23,262.95.
This is the first time that a part-time chairman of HDFC Bank has left mid-way, raising concerns over its 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 Chairman of Governance, Nomination, Remuneration Committee H K Bhanwala, Chakraborty said: “There are no other material reasons for my resignation other than those stated above.”
In a late evening filing, HDFC Bank said Chakraborty has on March 18, 2026, tendered his resignation as the Part-time Chairman and Independent Director of the Bank with immediate effect.
The bank further said, “Whilst the resignation letter of Chakraborty was dated March 17, 2026, the same was received by the Bank on March 18, 2026 at 15:17 hours (IST).”
Further, the filing said, based on an application made by the bank, the Reserve Bank of India on March 18, 2026, has granted its approval for the appointment of Keki Mistry as an interim part-time chairman of the HDFC Bank with effect from March 19, 2026, for a period of 3 months.