Keki Mistry has sought to reassure investors, employees, and customers of HDFC Bank Ltd. after the sudden resignation of part-time chairman Atanu Chakraborty over "ethical concerns".
Mistry, a non-executive director on the HDFC Bank board, has taken interim charge as part-time chairman and confirmed that there's no power struggle within the bank.
Chakraborty's resignation letter cited differences over "values and ethics" and stated that there are no other material reasons for his resignation.
HDFC Bank's share price fell 8.41% to ₹772.00 on Thursday, but Mistry assured that there's no question on the reappointment of Sashidhar Jagdishan as the chief executive officer of the bank.
Experts have raised concerns about governance standards and the potential impact on the bank's stock multiple, but the RBI has appointed a group insider as interim chairman, which may alleviate some concerns for shareholders.
