Mumbai: The sudden resignation of HDFC Bank chairman Atanu Chakraborty has left investors bewildered, with shares plummeting 5% despite assurances from the bank's executives and board members.
Chakraborty's resignation letter cited 'happenings and practices within the bank' that were 'not in congruence' with his personal values and ethics, sparking concerns about corporate governance.
However, analysts believe there are no material irregularities at the bank, and the regulatory response suggests no serious lapses.
HDFC Bank's interim chairman Keki Mistry and CEO Sashidhar Jagdishan have assured investors that there are no material issues with the bank, but corporate governance experts demand more accountability.
The Reserve Bank of India has also stepped in with reassurance, stating that there are no material concerns on record concerning HDFC Bank's conduct or governance.
