HDFC Bank shares in focus today as Chairman Atanu Chakraborty resigns
Shares of HDFC Bank will be in focus during the trading session on Thursday as Atanu Chakraborty, the non-executive Chairman of India's largest private lender, resigned on Wednesday.
- Mar 19, 2026,
- Updated Mar 19, 2026 9:24 AM IST
Shares of HDFC Bank Ltd will be in focus during the trading session on Thursday as Atanu Chakraborty, the non-executive Chairman of India's largest private lender, resigned unceremoniously on Wednesday, citing differences with the board. HDFC Bank informed about his exit through exchange filing late in the evening.
Following the filing, the lender, on Thursday, said that Chakraborty's resignation letter was dated March 17 and was received by the lender on March 18. Besides this, HDFC Bank also told exchanges that the RBI has approved the appointment of Keki Mistry as the part-time chairman of HDFC Bank for a period of three months.
"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. I confirm that there are no other material reasons for my resignation other than those stated above," Atanu Chakraborty stated in his resignation letter.
"It has been a privilege to contribute to the growth and governance of the Bank. I observed a 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," his letter read further.
HDFC Bank’s American Depositary Receipts (ADRs) listed on NYSE settled at $26.62, falling 7.28 per cent, after the development.
Atanu Chakraborty, former economic affairs secretary of India, recently expressed his gratitude towards the independent directors on the board of HDFC Bank. However, his appreciation notably excluded the top management and executive directors of the bank.
Among the executive directors currently serving on the bank’s board are CEO and MD Sashidar Jagdishan, Deputy MD Kaizad Bharucha, and executive director Bhavesh Zaveri. Chakraborty did not acknowledge their contributions in his remarks.
Bhavesh Zaveri is expected to leave the bank as his term ends in April 2026. In a filing to the stock exchange in January, HDFC Bank stated that Zaveri had requested not to seek re-appointment. He aims to explore opportunities outside the banking sector, possibly within the group companies.
Sources with direct knowledge of the situation revealed that the Reserve Bank of India (RBI) had expressed discomfort regarding Zaveri’s continuation on the bank’s board. This concern arises because Zaveri is part of the promoter group at Aurionpro Solutions, a technology vendor to HDFC Bank.
Shares of HDFC Bank settled at Rs 842.95 on Wednesday, falling one-third a per cent for the day. The total market capitalization of the lender stood at Rs 12.97 lakh crore as of its previous close.
Shares of HDFC Bank Ltd will be in focus during the trading session on Thursday as Atanu Chakraborty, the non-executive Chairman of India's largest private lender, resigned unceremoniously on Wednesday, citing differences with the board. HDFC Bank informed about his exit through exchange filing late in the evening.
Following the filing, the lender, on Thursday, said that Chakraborty's resignation letter was dated March 17 and was received by the lender on March 18. Besides this, HDFC Bank also told exchanges that the RBI has approved the appointment of Keki Mistry as the part-time chairman of HDFC Bank for a period of three months.
"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. I confirm that there are no other material reasons for my resignation other than those stated above," Atanu Chakraborty stated in his resignation letter.
"It has been a privilege to contribute to the growth and governance of the Bank. I observed a 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," his letter read further.
HDFC Bank’s American Depositary Receipts (ADRs) listed on NYSE settled at $26.62, falling 7.28 per cent, after the development.
Atanu Chakraborty, former economic affairs secretary of India, recently expressed his gratitude towards the independent directors on the board of HDFC Bank. However, his appreciation notably excluded the top management and executive directors of the bank.
Among the executive directors currently serving on the bank’s board are CEO and MD Sashidar Jagdishan, Deputy MD Kaizad Bharucha, and executive director Bhavesh Zaveri. Chakraborty did not acknowledge their contributions in his remarks.
Bhavesh Zaveri is expected to leave the bank as his term ends in April 2026. In a filing to the stock exchange in January, HDFC Bank stated that Zaveri had requested not to seek re-appointment. He aims to explore opportunities outside the banking sector, possibly within the group companies.
Sources with direct knowledge of the situation revealed that the Reserve Bank of India (RBI) had expressed discomfort regarding Zaveri’s continuation on the bank’s board. This concern arises because Zaveri is part of the promoter group at Aurionpro Solutions, a technology vendor to HDFC Bank.
Shares of HDFC Bank settled at Rs 842.95 on Wednesday, falling one-third a per cent for the day. The total market capitalization of the lender stood at Rs 12.97 lakh crore as of its previous close.