HDFC Bank shares up 3% today: Here we decode why
What's the story
HDFC Bank's shares have seen a significant surge of 3.2% in today's trading session, putting an end to a four-day losing streak. The rise comes after the bank announced its decision to appoint external legal counsel to review the resignation letter of its part-time chairman Atanu Chakraborty. The stock is now trading at ₹767.90, compared to yesterday's close of ₹744.15.
Resignation
A look at Chakraborty's resignation letter
Chakraborty resigned from his position as part-time chairman and independent director of HDFC Bank on March 18. He cited differences with the board as the reason for his departure. In his letter, Chakraborty said that certain developments and practices he had observed within the bank over the past two years were not aligned with his personal values and ethics, which led him to step down.
Employee terminations
Termination of 3 employees
Notably, on March 23, HDFC Bank clarified the recent termination of three employees after an internal probe related to a regulatory notice from Dubai. The bank said the action stemmed from a decision notice issued on September 25, 2025, by the Dubai Financial Services Authority (DFSA) to its branch in the Dubai International Financial Centre (DIFC).
Internal investigation
Internal probe initiated
The Governance, Nomination and Remuneration Committee (GNRC) of HDFC Bank initiated an internal probe under its conduct regulations. The investigating officer submitted findings to the disciplinary committee, which recommended certain accountability measures to the GNRC after deliberation. During its meeting on March 9, the GNRC approved these actions including dismissing three employees. The affected employees have an option to appeal before the Appellate Authority—its board of directors.