HDFC Bank shares fall 5% as part-time chair of India’s largest private bank resigns over 'ethics'

Shares of India’s HDFC Bank

slid 5% Thursday after Atanu Chakraborty, its part‑time chairman, resigned after flagging governance and ethical concerns within the institution.

During an investor call on Thursday, interim part‑time chairman, Keki Mistry said that Chakraborty had not provided the board with any evidence or details of the alleged unethical practices.

“Certain happenings and practices within the bank, that I have observed over last two years, are not in congruence with my personal Values and Ethics,” Chakraborty said in his resignation letter.

Foreign institutional investors own over 47% stake in India’s largest private sector lender. The Government of Singapore and Norway’s Government Pension Fund Global are among the top foreign investors in HDFC Bank, owning nearly 2.3% and over 1.2% stake, respectively.