HDFC Bank share performance: Before, during tenure, post Atanu Chakraborty’s resignation

HDFC Bank Ltd shares came under pressure following the resignation of its non-executive Chairman, Atanu Chakraborty. The development, disclosed to exchanges after market hours on March 18, triggered a sell-off in the stock over the next two sessions.

Following the resignation on March 18, the stock closed over 5% lower at Rs 799.70 on Thursday, March 19, the counter plunged to a 52-week low of Rs 772 during the session. At the day's low, the stock declined the most in two years. 

HDFC Bank shares followed the selling pressure the next day on Friday, closing 2.41% lower to Rs 780.45, taking its two-day decline to a steep 7.41%.

Looking back at the historical charts, in the five years prior to Chakraborty’s appointment as non-executive chairman, from May 6, 2016, to May 5, 2021, HDFC Bank stock gained a massive 150%, rising from Rs 278.85 to Rs 699.48 on the BSE.

During the tenure, the shares rose over 20% to Rs 842.95 on March 18, 2026, compared to the close on his joining day. At the peak, the stock gained as much as 45.8% to touch a 52-week high of Rs 1,020.35 against the Rs 699.48 close of May 5, 2021.

According to the official exchange filings, Chakraborty tendered his resignation with immediate effect on March 18, 2026, though the bank clarified the letter itself was dated March 17. 

The banking veteran, who spent over four years and 10 months in the role after joining the board on May 5, 2021. "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," Chakraborty said in his resignation letter. 

Moving swiftly, the Reserve Bank of India approved the appointment of Keki Mistry as the interim part-time Chairman for a period of three months, effective March 19. 

Axis Securities has maintained a ‘Buy’ recommendation on the stock, issuing a revised target price of Rs 1,020 per share. While,.JM Financial maintained an "Add" rating on the counter. JM Financial said that the outgoing chairman did not provide any specific reason despite multiple queries and that any internal friction points were minor and non-substantive.