HDFC Bank drops after chairman resignation; Keki Mistry named interim head

HDFC Bank fell 4.21% to Rs 803 after the bank announced the resignation of its part-time chairman and independent director, Atanu Chakraborty, triggering investor concerns over leadership transition.

The bank informed exchanges that Chakraborty tendered his resignation on 18 March 2026, with immediate effect. In his resignation letter dated 17 March 2026, he cited certain practices within the bank over the past two years that were not aligned with his personal values and ethics as the reason for stepping down. He also clarified that there were no other material reasons for his resignation.

HDFC Bank further stated that it received the resignation letter on 18 March 2026 at 15:17 IST. The board acknowledged his contribution during his tenure and placed on record its appreciation.

Following the development, the Reserve Bank of India approved the appointment of Keki Mistry as interim part-time chairman, effective 19 March 2026, for a period of three months.

In addition, the bank scheduled an analyst and investor call on 19 March 2026 at 09:00 IST to address the developments and engage with stakeholders.

HDFC Bank is India's largest private sector lender. As of 31st December 2025, the bank's distribution network was at 9,616 branches and 21,176 ATMs across 4,170 cities/ towns as against 9,143 branches and 21,049 ATMs across 4,101 cities/ towns as of 31 December 2024.

The bank reported a 11.46% jump in standalone net profit to Rs 18,563.75 crore on 2.91% increase in total income to Rs 90,005 crore in Q3 FY26 over Q3 FY25.

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