HDFC Bank Atanu Chakraborty: Chairman Atanu Chakraborty resigns, Keki Mistry will take command, shares fell by more than 5%

HDFC Bank: Atanu Chakraborty: Atanu Chakraborty, Chairman of Indian banking sector giant HDFC Bank, resigned from his post. With which he raised questions on issues related to ethics. After this there has been a stir in the banking sector. Everything is not going well in the Indian banking sector (HDFC Bank). Atanu Chakraborty, part-time chairman and independent director of the bank, has resigned from his post with immediate effect on Wednesday, March 18. Atanu Chakraborty has cited dissatisfaction with the functioning of the bank as the reason for his resignation. He wrote in his letter that in the last two years, I have seen some incidents and practices within the bank, which are not in accordance with my personal values ​​and ethics. This is the main basis of my resignation. He also made it clear that apart from these moral reasons, there is no other major reason behind this decision.

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Atanu Chakraborty’s journey as Chairman of HDFC Bank
Atanu Chakraborty took charge as Chairman of HDFC Bank in April 2021. During his tenure the bank took many major decisions. 40 billion merger of HDFC Limited and HDFC Bank also took place. However, now they are raising questions about the morality of the work done in the last two years.

Atanu Chakraborty is a 1985 batch IAS officer of Gujarat cadre, who has worked on many senior posts.

Following the departure of Atanu Chakraborty, the Reserve Bank (RBI) has approved the appointment of Keki Mistry as interim part-time chairman for a period of three months from March 19. Keki Mistry is a well-known name in the banking and finance world and has played an important role in the merger process of HDFC.

When the chairman of such a big bank steps down citing ‘ethics’, serious questions arise in the minds of investors regarding the corporate governance of the bank. This is the reason why as soon as the market opened today, investors started staying away from this stock and heavy selling was seen. As soon as the news of sudden resignation came, HDFC Bank shares fell heavily in the stock market. Around 9:55 am, HDFC Bank shares fell by more than 5% (about ₹42) to ₹800.90.

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