Synopsis
HDFC Bank’s share price plunged 8.4% after its part-time chairman Atanu Chakraborty resigned citing ethical concerns over recent banking practices. Keki Mistry has been appointed as interim president. Chakraborty’s tenure saw a major merger with HDFC, although its full benefits have yet to be exploited.
HDFC Bank Chairman Atanu Chakraborty has resigned citing ethical reasons. Keki Mistry has been appointed as interim president. Actions of HDFC BankIndia’s largest private lender, fell as much as 8.4 per cent to its day’s low of Rs 772 on the BSE on Thursday following a change in leadership at the top. Part-time chairman and independent director of the bank Atanu Chakraborty resigned and Keki Mistry, former CEO of HDFC, was appointed as part-time interim chairman with the approval of the Reserve Bank of India.
In his resignation letter, Chakraborty said certain developments and practices within the bank over the last two years did not match his personal values and ethics. “This is the basis of my aforementioned decision,” he wrote.
He also added that under his tenure, the bank witnessed significant events like the merger with HDFC which created a conglomerate under the bank. This strategic initiative has made HDFC Bank the second largest lender in the country. “However, the benefits of the merger are not yet fully realized,” he added.
Chakraborty joined the board of directors of HDFC Bank in May 2021. He previously served as secretary in the Ministry of Finance, was an alternate governor on the board of directors of the World Bank and also chaired the National Infrastructure Investment Fund. He is an IAS officer from Gujarat.
Following the news, the US-listed shares of HDFC Bank, or ADRfell more than 7% overnight to $26.62.
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HDFC Bank Share Price Performance
HDFC Bank Stocks have seen a steady decline recently, falling 8% over the past month. The stock is down 13% over the past six months and 15% so far this year.
HDFC Bank Q3 Overview
The lender reported an 11 per cent rise in its December quarter net profit to Rs 18,654 crore, compared to Rs 16,735 crore reported last year. This was above Street estimates of Rs 18,473 crore.
The bank earned Rs 76,751.16 crore in interest income, up 1% year-on-year from Rs 76,007 crore while it paid Rs 44,136 crore during the quarter under review, down nearly 3% from Rs 45,353 crore posted in the corresponding quarter last fiscal.
HDFC Bank’s net interest income (NII) for the quarter ended December 31, 2025 increased by 6.4% to Rs 32,620 crore from Rs 30,650 crore for the quarter ended December 31, 2024. Core net interest margin was 3.35% on total assets and 3.51% on earning assets basis of interests.
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