Overview
- India’s markets regulator began a preliminary review of former chair Atanu Chakraborty’s resignation letter to test disclosures and directors’ duties, while he told Reuters he was unaware of any examination and said he made no insinuations.
- HDFC Bank hired outside law firms, including Indian firms Trilegal and Wadia Ghandy & Co and a US firm, to independently review what led to the resignation and to report back within a reasonable period.
- The Financial Times reported the exit followed a power struggle with CEO Sashidhar Jagdishan over leadership style, strategy, and his pending reappointment, a claim Chakraborty later rejected as baseless.
- The Reserve Bank of India said it has found no material governance concerns on record and approved veteran director Keki Mistry as interim non‑executive chair to steady the board.
- The resignation triggered an 8.7% drop in the stock and about $16.3 billion in market value losses over several sessions, with shares slipping again after the FT account as investors await findings from SEBI and the bank’s legal review.