India’s largest private sector bank, HDFC, has dominated Google searches over the past week following a management reshuffle, which caused a significant downturn in the company’s stock, as it recently hit a fresh 52-week low.
The bank’s former chairman, Atanu Chakraborty, resigned citing differences over values and ethics with the lender. The case has brought scrutiny from SEBI, as it expressed concerns over the negative impact of insinuations on minority shareholders.
Here is all you need to know about why HDFC has been one of the most searched companies on Google trends:
#1 HDFC Bank: Management reshuffle
On March 18, HDFC Bank’s former part-time chairman, Atanu Chakraborty, made a sudden exit from the board, stating that certain happenings and practices within the bank didn’t align with his values and ethics. He remarked that there were no other material reasons for his resignation.
Following this, the Reserve Bank of India approved the appointment of former HDFC group veteran Keki Mistry as the interim chairman for a period of three months, who emphasised that “there is no power tussle at the bank.”
#2 HDFC Bank: Accountability rift trigger concerns
While the bank’s regulator, RBI assured investors that the lender was well-capitalised and there were no material concerns over its conduct and governance, Chakraborty’s sudden exit triggered a sharp sell-off in the bank’s stock. HDFC Bank wiped out nearly one lakh crore in market value.
Three days later, the bank terminated three senior executives from its Dubai branch over their alleged roles in mis-selling high-risk bonds issued by Credit Suisse. Following this, regulatory action was also imposed by the Dubai Financial Services Authority, barring it from onboarding new clients in the branch.
According to a Bloomberg report, the rift between Chakraborty and some officials at the bank was essentially over the issue of management accountability.
#3 HDFC Bank: Share price hits new 52-week low
The day after the news of the resignation came out, HDFC Bank’s stock plummeted by over 9%, wiping out a whopping Rs 1 lakh crore in market cap.
On March 23, the company’s stock hit a new 52-week low of Rs 741 in the intra-day trade, experiencing one of its worst monthly performances in over four years.
So far in 2026, the lender’s stock has declined by more than 21%.
#4 HDFC Bank: Appoints law firms to review resignation
The country’s largest private sector bank, had approved the appointment of external law firms to review the resignation letter of Atanu Chakraborty.
The bank, in a regulatory filing on March 24, said that it has appointed both domestic and international law firms to review the letter “to reinforce the robust governance standards of the bank.” It also mentioned that the law firms will provide their reports within a reasonable time frame.
#5 HDFC Bank: SEBI to review resignation letter
According to a Reuters report, Indian markets regulator SEBI has also begun a preliminary review of Chakraborty’s resignation letter.
The international news agency, citing sources familiar with the matter, said that a SEBI department is examining the former chairman and other directors for their alleged failures to fulfil their fiduciary duties.
“(The) examination is to verify claims made in the resignation letter and whether other directors were aware of any material information and did not document them,” Reuters quoted one of the sources as saying.
Chakraborty told Reuters that he was unaware of the SEBI review. Financialexpress.com has not independently verified this report.
#6 HDFC Bank: Brokerages see room for upside
Despite the major management changes, brokerages still maintain positive ratings for the bank. Motilal Oswal has a ‘Buy’ rating with a target price of Rs 1,100, implying an upside of 41% from current levels. The brokerage said that assurance from management over Mr. Mistry’s appointment and RBI’s endorsement of the bank’s governance have helped assuage some of the concerns.
Nuvama Research also maintains a ‘Buy’ on HDFC Bank with a higher target price of Rs 1,170, indicating about 50% upside from the current price. The brokerage noted that core Pre-Provision Operating Profit (PPOP) grew 8% YoY, while NIM expanded to 3.35%, and expects loan growth to pick up, with management guiding to outperform system growth in FY27.
Disclaimer: This article provides factual analysis only and is not, and should not be construed as, an offer, solicitation, or recommendation to buy or sell securities. Investors must conduct their own independent due diligence and seek advice from a SEBI-registered financial advisor.