Kolkata: HDFC Bank’s part-time chairman Atanu Chakraborty has resigned citing ethical reasons. In his resignation letter dated March 15, he wrote of “certain happening and practices” which did not agree with his personal ethics and values. While the bank confirmed the resignation of Chakraborty, it did not mention anything on those lines. HDFC Bank has appointed Keki Mistry as its interim part-time chairman.
Chakraborty has stated that he witnessed some things over the past two years that were not in agreement with his principles. He stepped down with immediate effect. Chakraborty also made it clear that there was no other reasons behind his resignation. In his letter, however, Chakraborty recorded his gratitude to the board. He also mentioned the “energy and verve” among the bank’s middle and junior level employees, who he described as the source of strength of the organisation.
Bank appoints interim chairman
In a communication, HDFC Bank confirmed Chakraborty’s resignation on March 18. It also acknowledged Chakraborty’s contributions. After he stepped down, Keki Mistry was appointed the interim part-time chairman for a period of three months. Reserve Bank has approved the appointment. Chakraborty was the chairman since May 2021. He occupied the post and oversaw the merger between HDFC Bank and HDFC Ltd, which was a momentous development in the history of private banking in India. HDFC Bank is the largest private sector bank in the country now and second only to the PSU behemoth SBI.
HDFC Bank shares
The shares of HDFC Bank fell by Rs 3.35 or 0.40% to settle at Rs 842 on Wednesday, March 18. In the past few days five days the stock rose by Rs 11.80 or 1.42%. This was at a time when the US Iran war cast its shadow on the equity market. In the past one month, the stock eroded 8.04%. Investors will be closely watching the bank’s shares after the market opens on Thursday. The bank’s market cap is Rs 6.46 lakh crore.