HDFC Bank has hired external law firms to review Atanu Chakraborty’s shock resignation. The lender’s shares have plunged 12% since his sudden departure.
HDFC Bank Ltd. has appointed an external law firm to conduct a thorough review of Atanu Chakraborty’s shock exit as part-time chairman and Independent Director of the bank, the lender confirmed in an exchange filing on Tuesday.
Chakraborty, who had joined HDFC Bank in 2021, had announced his resignation from HDFC Bank last week, as he pointed to ethical differences between him and how the bank operates, without providing further details.
The nature and tone of Chakraborty sent ripples through the stock market, with HDFC Bank’s shares taking a sharp fall. Since his announcement, the lender’s shares have fallen almost 12% ahead of Tuesday’s market open.