HDFC Bank share price rises nearly 2% on appointment of external law firms to review Atanu Chakraborty’s resignation letter

The stock climbed 1.75% to ₹757.20 apiece on the National Stock Exchange (NSE) at 9:26 am. Its market capitalisation stood at ₹11,62,710.37 crore.

The company's shares have declined 10.68% in the past week, while it has fallen 17.07% in a month. Year-to-date, the stock is down 23.82%.

The scrip had hit its 52-week low of ₹741.05 apiece on March 23, 2026, while a year's high of ₹1,020.50 per unit was recorded on October 23, 2025.

The bank, in an exchange filing on March 24, said that Chakraborty, in his resignation letter, did not mention any happenings and practices which were "not in congruence with his personal values and ethics".

"To reinforce the robust governance standards of the Bank, the Board of Directors of the Bank at its meeting held on March 23, 2026, took a proactive step and approved the appointment of external law firms (domestic and international), to conduct review regarding Mr. Chakraborty’s resignation letter," HDFC Bank said.

The law firms will give their report within a reasonable period of time, it added.

Chakraborty, a non-executive chairman of HDFC Bank, abruptly resigned, citing differences over "values and ethics" – a reason that the bank said was baffling, as the former bureaucrat gave no specific instance despite repeated requests.

Keki Mistry, a veteran of the HDFC Bank Group, who took the helm as the interim chairman after the resignation, stated there may have been "relationship issues" between Chakraborty and the executive leadership, but found no "substantive" concerns behind the departure.

He stressed that the bank's operations and governance remain stable.

Notably, this was the first time that HDFC Bank's part-time chairman left mid-way.

"Certain happenings and practices within the bank that I have observed over the last two years are not in congruence with my personal values and ethics. This is the basis of my aforementioned decision," Chakraborty said in his resignation letter dated March 17.

In a letter addressed to the Chairman of Governance, Nomination and Remuneration Committee (NRC), H K Bhanwala, he said, "There are no other material reasons for my resignation other than those stated above."