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Informist, Tuesday, Mar. 24, 2026

--HDFC Bank asks law firms to review Atanu Chakraborty's resignation letter 

MUMBAI – HDFC Bank Ltd.'s board has appointed external domestic and international law firms to review former part-time chairman Atanu Chakraborty's resignation letter. The bank has asked the law firms to provide their report within a "reasonable period of time", according to an exchange filing on Tuesday.

Chakraborty resigned last week, saying certain practices at the bank were not in line with his "values and ethics". This raised concerns about governance issues at the bank. Shares of the bank have fallen nearly 12% since the letter first came out last week. On Monday, shares of the bank closed at INR 744.15 on the National Stock Exchange, down 4.7%.

Several analysts and investors demanded that the board state the details of the issues raised by Chakraborty. However, board members maintained that Chakraborty did not give details at the board meeting in which his resignation letter was discussed. "We wish to inform you that, Mr. Chakraborty did not mention any happenings and practices which were not in congruence with his personal values and ethics," the bank iterated in the latest filing.  End

Reported by Anshul Choudhary

Edited by Avishek Dutta

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