Kamal Ghorui
HDFC Bank share price today: HDFC Bank, the country’s largest private sector bank, saw its stock plunge in trade on Thursday after its part-time chairman Atanu Chakraborty resigned. HDFC Bank’s share opened in red and was trading at Rs 806 at around 9:19 AM, down Rs 37 or 4.39%.The stock movement is in focus after HDFC Bank part-time chairman and independent director Atanu Chakraborty resigned abruptly. The Reserve Bank of India has cleared the appointment of Keki Mistry, former chief executive of HDFC, as interim part-time chairman.In his resignation letter, Chakraborty said that certain developments and practices within the bank over the past two years were not in line with his personal principles and ethical standards. “This is the basis of my aforementioned decision,” he wrote.He noted that his tenure coincided with significant milestones, including the merger with HDFC, which led to the creation of a large financial conglomerate under the bank. This move positioned HDFC Bank as the second-largest lender in India. “Though, the benefits of merger are yet to fully fructify”, he added.Chakraborty joined the board of HDFC Bank in May 2021. Earlier in his career, he held the position of Secretary in the Ministry of Finance, served as an alternate governor on the World Bank Board, and chaired the National Infrastructure Investment Fund. He belongs to the Gujarat cadre of the Indian Administrative Service.After the announcement, the bank’s American Depositary Receipts (ADRs) listed in the US declined by more than 7 per cent overnight, falling to $26.62.Shares of HDFC Bank have been under consistent pressure in recent weeks, declining about 8 per cent over the past month. The weakness extends over a longer horizon as well, with the stock down 13 per cent in the last six months and registering a 15 per cent drop so far this year.For the December quarter, the bank posted an 11 per cent year-on-year rise in standalone net profit, which came in at Rs 18,654 crore, compared with Rs 16,735 crore in the same period last year. The figure exceeded Street expectations of Rs 18,473 crore.(Disclaimer: Recommendations and views on the stock market, other asset classes or personal finance management tips given by experts are their own. These opinions do not represent the views of The Times of India)
