HDFC Bank analyst call takeaways: What management says as stock slides
HDFC Bank: The private lender said it was unaware of specifics on issues cited by Chakraborty in his resignation, adding that Chakraborty did not share any issues when asked while resigning.
- Mar 19, 2026,
- Updated Mar 19, 2026 10:31 AM IST
HDFC Bank Ltd, which hosted a call with analysts and investors at 9 am on Thursday, said there are no major issues at the bank, reiterating that the private lender follows the strongest standards of governance and ethics.
This comes after part-time Chairman and Independent Director Atanu Chakraborty resigned, citing “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.”
HDFC Bank said Chakraborty's resignation was not due to any regulatory issues and that there are no material matter or specific issues seen regarding bank operations. After hitting a low of Rs 772, HDFC Bank shares recovered but were still trading 4.76 per cent lower at Rs 802.85 on BSE.
"Near-term underperformance may remain, While fundamentals remain strong with good ROA, at this point in time governance concerns will weigh down heavily on the stock. Investors would want more comfort from the board. Also now the uncertainty surrounding Sashi's reappointment will weigh down on the stock," Macquarie said in a flash note.
The private lender said it was unaware of specifics on issues cited by Chakraborty in his resignation, adding that Chakraborty did not share any issues when asked while resigning.
HDFC Bank said it remained focussed on building long-term legacy of bank and that the appointment of Keki Mistry as a part-time Chairman aligns with the bank's principle.
HDFC Bank said there was no power struggle at the bank and that it works as cohesive unit. It said no contentious bank-linked issues was ever discussed at the board level. The call was represented by new interim part-time Chairman Keki Mistry, MD & CEO Sashidhar Jagdishan, and directors Dr. Sunita Maheshwari (independent), Lily Vadera (independent), Harsh Bhanwala (independent), and Renu Karnad (non-independent, non-executive).
Chakraborty in his resignation letter said there was no other material reasons for his resignation.
"It has been a privilege to contribute to the growth and governance of the Bank. I observed great amount of energy and verve in the middle & junior levels of the organization, that should form the core of a reimaged organization. I also place on record my sincere appreciation for Secretarial, Compliance, Audit and Group oversight functions," he said.
Chakraborty had joined the HDFC Bank in May 2021.
HDFC Bank said it will get to root cause of reasons cited in Chakraborty's resignation. The bank remained focussed on building long-term legacy, HDFC Bank said.
HDFC is the second-largest bank and the largest private sector bank in the country.
HDFC Bank Ltd, which hosted a call with analysts and investors at 9 am on Thursday, said there are no major issues at the bank, reiterating that the private lender follows the strongest standards of governance and ethics.
This comes after part-time Chairman and Independent Director Atanu Chakraborty resigned, citing “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.”
HDFC Bank said Chakraborty's resignation was not due to any regulatory issues and that there are no material matter or specific issues seen regarding bank operations. After hitting a low of Rs 772, HDFC Bank shares recovered but were still trading 4.76 per cent lower at Rs 802.85 on BSE.
"Near-term underperformance may remain, While fundamentals remain strong with good ROA, at this point in time governance concerns will weigh down heavily on the stock. Investors would want more comfort from the board. Also now the uncertainty surrounding Sashi's reappointment will weigh down on the stock," Macquarie said in a flash note.
The private lender said it was unaware of specifics on issues cited by Chakraborty in his resignation, adding that Chakraborty did not share any issues when asked while resigning.
HDFC Bank said it remained focussed on building long-term legacy of bank and that the appointment of Keki Mistry as a part-time Chairman aligns with the bank's principle.
HDFC Bank said there was no power struggle at the bank and that it works as cohesive unit. It said no contentious bank-linked issues was ever discussed at the board level. The call was represented by new interim part-time Chairman Keki Mistry, MD & CEO Sashidhar Jagdishan, and directors Dr. Sunita Maheshwari (independent), Lily Vadera (independent), Harsh Bhanwala (independent), and Renu Karnad (non-independent, non-executive).
Chakraborty in his resignation letter said there was no other material reasons for his resignation.
"It has been a privilege to contribute to the growth and governance of the Bank. I observed great amount of energy and verve in the middle & junior levels of the organization, that should form the core of a reimaged organization. I also place on record my sincere appreciation for Secretarial, Compliance, Audit and Group oversight functions," he said.
Chakraborty had joined the HDFC Bank in May 2021.
HDFC Bank said it will get to root cause of reasons cited in Chakraborty's resignation. The bank remained focussed on building long-term legacy, HDFC Bank said.
HDFC is the second-largest bank and the largest private sector bank in the country.