HDFC Bank Share: A big fall is being seen in the shares of HDFC Bank today. The bank’s shares fell by 7 percent in early trading. In fact, the bank’s non-executive chairman Atanu Chakraborty immediately resigned from his post on Wednesday, March 18. He left his post citing ‘Personal Values and Ethics’. He says that in the last two years, he has seen some incidents and working methods within the bank, which are not in accordance with his principles. He also clarified that there is no other major reason for his resignation. Shortly after the start of trading, the stock fell by 8.66 percent to the level of Rs 770, which is its new 52-week low.
Reason for fall in shares
- HDFC Bank shares are under selling pressure today due to the resignation of the bank’s non-executive chairman Atanu Chakraborty.
- In his resignation letter, he stated that some of the working methods and procedures in the bank are against his ‘Personal Values and Ethics’, which can raise new questions regarding the governance system of the bank.
- After the news of the resignation of the Chairman, a decline of more than 7 percent was recorded in the ADR of HDFC Bank listed in the American stock market.
huge loss to investors
Due to this fall in the shares of HDFC Bank today, investors have suffered a huge loss of about Rs 1.03 lakh crore. Besides, heavy pressure is also being seen on Nifty Bank Index. At present, the bank has appointed its former CEO Keki Mistry as its interim chairman for three months.
What explanation did the bank give?
On the news of the chairman’s resignation, the bank clarified that the reason for differences between the chairman and the board was not on moral values, but on the way of working and the way of implementing decisions. The bank has denied reports of ‘power struggle’ between the management and the CEO.
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