HDFC Bank said late on Wednesday its part-time Chairman Atanu Chakraborty has resigned citing differences with the lender over “values and ethics”, sending its U.S.-listed shares sharply lower.
“Certain happenings and practices within the bank, that I have observed over last two years, are not in congruence with my personal values and ethics,” Chakraborty said in his resignation letter, without elaborating.
Chakraborty could not be immediately reached for comment.
U.S.-listed shares of HDFC Bank, India’s largest private-sector lender, were down 7% following the news. Its shares in Mumbai had closed 0.3% lower before the announcement on Wednesday.
Chakraborty was appointed as part-time chairman in April 2021 for a three-year term, and reappointed in May 2024 for a further term extending through May 4, 2027.
During his tenure, HDFC Bank merged with housing finance firm HDFC Ltd in a $40 billion deal to create a financial services behemoth.
Chakraborty noted in his resignation letter, however, that benefits of the 2022 merger were “yet to fully fructify”.
India’s central bank has approved the appointment of Keki Mistry as an interim part-time chairman, effective March 19, for three months, HDFC Bank said in a statement to Indian stock exchanges.