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HDFC Bank’s Part-time Chairman Resigns Abruptly; Dollar Bonds Remains Stable while Shares Drop
March 20, 2026
HDFC Bank’s part-time chairman and independent director Atanu Chakraborty resigned with immediate effect, citing that certain practices did not align with his personal values and ethics. While he stopped short of pointing to any specific details, he noted that the benefits of the bank’s landmark merger with HDFC Ltd., were yet to fully materialise. Following his exit, the RBI approved Keki Mistry as interim part-time chairman for three months effective yesterday. The central bank sought to reassure markets, stating there are “no material concerns” on HDFC Bank’s conduct or governance and that the bank remains well-capitalised with sound financials. The development drew attention given HDFC Bank’s status as a Domestic Systemically Important Bank (D-SIB). Despite the reassurance, HDFC Bank’s US-listed ADRs fell over 7%, while shares in Indian markets dropped nearly 5%, trading close to their 52-week low.
It’s 3.7% Perp was trading stable at 99.2, yielding 5.7%
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