HDFC Bank part-time chairman resigns, cites 'certain happenings' as reason
Atanu Chakraborty has resigned as HDFC Bank's part-time chairman, saying he saw "certain happenings and practices" that didn't sit right with his personal values.
The board was surprised and tried to get him to stay or explain more, but he stood firm on his decision.
Major shakeup for HDFC Bank
Chakraborty played a key role in the massive $40 billion HDFC merger.
His sudden exit is the first midterm resignation by a part-time chairman of HDFC Bank, shaking up investor confidence: HDFC's U.S.-listed shares dropped 7.5% after the news.
Interim chairman appointed
To keep things steady, Keki Mistry (HDFC Group veteran) has stepped in as interim chairman starting March 19, 2026, for a period of three months, with the Reserve Bank of India's approval.
The good news? The RBI says there are no big concerns about how things are being run at HDFC Bank despite this leadership change.