'Not in congruence with my values and ethics': Full text of the resignation letter that shook HDFC Bank’s top deck

HDFC Bank part-time chairman Atanu Chakraborty has resigned from his post at the second-largest bank of India citing differences over “values and ethics”.

In his resignation letter, shared by HDFC Bank with the stock exchanges on late Wednesday, Chakraborty did not specify exactly what made him resign from the role.

His letter was addressed to HDFC Bank's Chairman of Governance, Nomination, Remuneration Committee H K Bhanwala.

Full text of Atanu Chakraborty's resignation letter

"To

The Chairman Governance, Nomination, Remuneration Committee

HDFC Bank

Subject: Resignation from the position of Part-Time Chairman & Independent Director of the Bank

Dear Dr. Bhanwala Ji,

I hereby tender my resignation from as Part-time Chairman and Independent Director on the Board of HDFC Bank, with effect from its Date of its consideration by Board of HDFC Bank.

I joined the Board of HDFC Bank in May 2021. My tenure on the Board saw momentous events like merger of the bank with HDFC Ltd that created a conglomerate under the Bank. This strategic initiative made HDFC Bank the second largest Bank in the country. Though, the benefits of merger are yet to fully fructify.

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. This is the basis of my aforementioned decision.

I confirm that there are no other material reasons for my resignation other than those stated above.

I would like to express my sincere appreciation to the Board and senior management for their co-operation and support during my tenure. I express my gratitude to all the Independent Directors and Non-Executive Directors, who spared their valuable time and shouldered onerous responsibilities on the Board and its Committees. It has been a privilege to contribute to the growth and governance of the Bank. I observed great amount of energy and verve in the middle & junior levels of the organization, that should form the core of a reimaged organization. I also place on record my sincere appreciation for Secretarial, Compliance, Audit and Group oversight functions.

Kindly instruct Company Secretary to take this letter on record and arrange to file the necessary intimations with the Registrar of Companies and other regulatory authorities as required under applicable law.

I wish the Bank continued success in all its future endeavors.

Yours sincerely,

Atanu Chakraborty

Part-Time Chairman and Independent Director, HDFC Bank"

HDFC Bank shares nosedive to 52-week low

Shares of HDFC Bank tumbled to their 52-week low during early trade on Thursday as markets reacted sharply to Atanu Chakraborty's surprise resignation.

HDFC Bank shares crashed over 8% to hit a fresh 52-week low level on the BSE today. It became the worst performer on Sensex, which itself suffered a bloodbath due to the Middle East tensions and rising crude prices.

In a late evening filing, HDFC Bank said Chakraborty has on March 18, 2026, tendered his resignation as the Part-time Chairman and Independent Director of the Bank with immediate effect.

The Reserve Bank of India on March 18, 2026, has granted its approval for the appointment of Keki Mistry as an interim part-time chairman of the HDFC Bank with effect from March 19, 2026, for a period of 3 months.