K News Desktop- Friday was also a heavy day for HDFC, India’s largest private lender. Following the sudden resignation of Chairman Atanu Chakraborty, the bank’s shares continued to fall for the second consecutive day. The stock had fallen by about 5% on Thursday, while on Friday the selling did not stop and the stock fell further by 2% to reach a low of Rs 781 on the Bombay Stock Exchange. In this way, the stock has fallen by a total of 7.5% in two trading sessions. Big blow to investors: Investors suffered huge losses due to Thursday’s huge fall. Within a few hours the market cap of the bank decreased by about Rs 1 lakh crore. This fall shows the uncertainty created in the market after the resignation of the chairman. What is the reason for resignation? Atanu Chakraborty said in his resignation letter that some of the bank’s developments and working style in the last two years did not match his personal values. The bank’s Chief Executive Officer and Managing Director Shashidhar Jagadishan said that the board tried its best to persuade him, but he did not withdraw his resignation. New interim chairman appointed: To handle the situation, the bank acted swiftly and appointed Keki Mistry as interim part-time chairman with the approval of RBI. What are the experts saying? Despite the panic in the market, experts are not considering it a big problem. According to market expert Deven Choksi, after the fall the stock has reached the “deep value” zone. At the same time, Ishan Tanna of Ashika Capital says that this decline is not due to fundamental weakness but due to technical reasons and it can be seen as a buying opportunity. What investment opportunity? Analysts believe that the bank’s strong fundamentals and long track record maintain investor confidence. In such a situation, this decline can become an opportunity for long-term investors.
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