HDFC Bank shares hit a 1-year low after chairman's exit; is it time to 'Buy'?
HDFC Bank: Despite the near-term uncertainty, some market experts remained broadly constructive on the stock from a long-term perspective.
- Mar 19, 2026,
- Updated Mar 19, 2026 5:44 PM IST
Shares of HDFC Bank Ltd fell sharply on Thursday, hitting a 52-week low amid concerns following the sudden resignation of its part-time chairman and independent director Atanu Chakraborty. The stock dropped 8.42 per cent during intraday trade to a one-year low of Rs 772 before settling 5.13 per cent lower at Rs 799.70.
The Reserve Bank of India (RBI) has approved the bank's request to appoint Keki Mistry as the interim part-time chairman for a period of three months, effective March 19.
Mistry, however, indicated that there are no major concerns following Chakraborty's exit.
Chakraborty, who joined the bank's board in 2021, cited concerns over certain developments within the bank over the past two years in his resignation letter.
"This is to inform you that Mr. Atanu Chakraborty (DIN: 01469375) has today i.e. on March 18, 2026, tendered his resignation as the Part-time Chairman and Independent Director of the Bank with immediate effect, for reasons mentioned in the resignation letter. The said letter of resignation is annexed herewith. We confirm that there are no reasons other than those mentioned in the said letter, for the resignation of Mr. Chakraborty," HDFC Bank said in a regulatory statement.
In the letter Chakraborty wrote, "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. I confirm that there are no other material reasons for my resignation other than those stated above."
Despite the near-term uncertainty, some market experts remained broadly constructive on the stock from a long-term perspective.
Gaurang Shah, Senior Vice-President at Geojit Financial Services, said, "On the financials, there is nothing wrong with what we have seen in the quarter gone by and possibly in the fourth quarter (Q4 FY26) ahead, as well as in the next financial year. Those who have bought at higher levels can hold on. If you have investable funds, you can consider adding. This correction could be a good opportunity to nibble into the stock with a long-term view."
Kranthi Bathini, Equity Strategist at WealthMills Securities, noted some near-term pressure but advised buying HDFC Bank on dips from a long-term perspective.
Echoing a similar view, Ravi Singh, Chief Research Officer at Mastertrust, suggested accumulating the counter on declines.
Shares of HDFC Bank Ltd fell sharply on Thursday, hitting a 52-week low amid concerns following the sudden resignation of its part-time chairman and independent director Atanu Chakraborty. The stock dropped 8.42 per cent during intraday trade to a one-year low of Rs 772 before settling 5.13 per cent lower at Rs 799.70.
The Reserve Bank of India (RBI) has approved the bank's request to appoint Keki Mistry as the interim part-time chairman for a period of three months, effective March 19.
Mistry, however, indicated that there are no major concerns following Chakraborty's exit.
Chakraborty, who joined the bank's board in 2021, cited concerns over certain developments within the bank over the past two years in his resignation letter.
"This is to inform you that Mr. Atanu Chakraborty (DIN: 01469375) has today i.e. on March 18, 2026, tendered his resignation as the Part-time Chairman and Independent Director of the Bank with immediate effect, for reasons mentioned in the resignation letter. The said letter of resignation is annexed herewith. We confirm that there are no reasons other than those mentioned in the said letter, for the resignation of Mr. Chakraborty," HDFC Bank said in a regulatory statement.
In the letter Chakraborty wrote, "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. I confirm that there are no other material reasons for my resignation other than those stated above."
Despite the near-term uncertainty, some market experts remained broadly constructive on the stock from a long-term perspective.
Gaurang Shah, Senior Vice-President at Geojit Financial Services, said, "On the financials, there is nothing wrong with what we have seen in the quarter gone by and possibly in the fourth quarter (Q4 FY26) ahead, as well as in the next financial year. Those who have bought at higher levels can hold on. If you have investable funds, you can consider adding. This correction could be a good opportunity to nibble into the stock with a long-term view."
Kranthi Bathini, Equity Strategist at WealthMills Securities, noted some near-term pressure but advised buying HDFC Bank on dips from a long-term perspective.
Echoing a similar view, Ravi Singh, Chief Research Officer at Mastertrust, suggested accumulating the counter on declines.