In the last 24 hours, the HDFC Bank has seen not just the change of guards but also a huge drop in its share prices. On Wednesday, the bank's part-time chairman of last 5 years, Atanu Chakraborty, resigned citing 'ethical' concerns. In his resignation, Chakraborty wrote that certain happenings and practices in the bank in the last 2 years were not in congruence with his personal values and ethics. There’s no power struggle within HDFC Bank, Interim Chairman Keki Mistry says after taking the helm of India's largest private lender from Atanu Chakraborty after his shock resignation.
HDFC shares pared losses after falling as much as 8.7% on Thursday morning on India’s stock exchanges, following a decline in its American Depositary Receipts during US trading hours, reported Bloomberg.
The resignation is the first of its kind in HDFC Bank's history as no chairman before Chakraborty had left midway of their term. His resignation sent shockwaves among the customers and the investors, raising concerns over the functioning of the bank. However, the government acted quickly and tried to restore the faith in the bank by issuing a statement. The RBI said that there were no material concerns on record as regards to the bank's conduct or governance.
Soon, RBI also approved appointment of Keki Mistry as an interim part-time chairman with effect from March 19, 2026, for a period of three months.
Who is Keki Mistry? HDFC Bank's new chairman Before being appointed as the chairman of HDFC Bank, Keki Mistry, 71, served as the Vice Chairman and CEO of the Housing Development and Finance Corporation before merging into HDFC Bank. He became the Non-executive (Non-independent) director of the bank after the merger.
Also Read: New HDFC chairman Keki Mistry breaks silence after Atanu Chakraborty's shock exit
Mistry, a chartered accountant from the Institute of Chartered Accountants of India (ICAI), brings over four decades of diverse experience in the banking and financial services sector, according to his profile on HDFC Bank’s official website.
He joined HDFC in 1981 and went on to hold several key positions, including serving as executive director on the board in 1993. He was appointed managing director in 2000, later becoming vice chairman & managing director in October 2007. From January 1, 2010, he took over as vice-chairman & chief executive officer of the corporation, overseeing its overall operations.
In addition, he sits on the boards of several companies, including Tata Consultancy Services and Torrent Power Ltd, Griha Investments, Griha Limited, Flipkart private limited, among others.
Mistry is also part of various committees, including Primary Market Advisory Committee (PMAC) constituted by Securities and Exchange Board of India (SEBI) and he also chairs the CII National Council on Corporate Governance. He was also a Member of Corporate Governance Committee constituted by SEBI.