Differences in 'values and ethics': HDFC Bank chairman Atanu Chakraborty resigns

HDFC Bank has announced its Chairman Atanu Chakraborty ⁠has resigned from citing differences over his "values and ethics". The lender made this announcement through a stock exchange filing late Wednesday.

Chakraborty, whose term was supposed to end by May 2027, wrote in his resignation letter — "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 was appointed in May 2021 for three years, and in 2024 he got another extension which was to end in May 2027. During his tenure as Chairman, HDFC Limited — India's largest mortgage lender — merged with its parent company HDFC Bank on July 1, 2023.

AFP reported that Chakraborty also mentioned about this "strategic" merger in his resignation letter and said the "benefits of the merger are yet to fully fructify."

As per Reuters, US-listed shares of the bank were down by 7% after the announcement.

Meanwhile, Keki Mistry has been appointed as the interim Chairman, effective March 19. His appointment has already been approved by RBI, HDFC stated in its statement to stock exchanges.

With Agency inputs