HDFC Bank loses ₹1 lakh crore in market value
Atanu Chakraborty has stepped down as HDFC Bank's part-time chairman, saying the bank's recent practices just didn't sit right with his personal values.
The news hit investors hard: HDFC Bank shares dropped nearly 9%, wiping out over ₹1 lakh crore in market value.
Leadership changes at big banks can shake up the system
Leadership changes at big banks can shake up the entire financial sector.
Chakraborty's exit, especially for ethical reasons, raises questions about what's happening behind the scenes at India's largest private lender.
Chakraborty joined HDFC Bank in 2021
A former top bureaucrat and economic affairs secretary, Chakraborty joined HDFC Bank in 2021 and was supposed to stay till 2027.
The bank says he left solely because of his personal ethics (no other issues were cited).
Keki Mistry to take over as interim chairman
Keki Mistry, a longtime HDFC veteran, is taking over as interim chairman for three months with RBI's nod.
He is a longtime HDFC group veteran.