HDFC stock price today: Shares of HDFC Bank, the country’s largest private sector lender, dropped a further 2 per cent to hit an intraday low of Rs 781 on the BSE on Friday. The drop followed a similar 2 per cent fall in its American Depositary Receipts (ADRs) listed on the New York Stock Exchange, indicating continued weakness after the stock had already tumbled about 5 per cent in Thursday’s session, briefly erasing nearly Rs 1 lakh crore in market value.With the latest slide, the stock has fallen around 7.5 per cent over the past two trading sessions. The sustained pressure on ADRs points to ongoing investor unease after the sudden resignation of chairman Atanu Chakraborty, despite efforts by the bank’s management and board to reassure stakeholders.
HDFC Bank shares slide after Atanu Chakraborty’s resignation
The sharp selloff on Thursday saw the bank’s market capitalisation shrink by nearly Rs 1 lakh crore at one point. The decline was triggered by Chakraborty’s exit, in which he stated that certain “happenings and practices” within the bank over the past two years were not aligned with his personal values and ethics.In response, chief executive and managing director Sashidhar Jagdishan said the board had urged Chakraborty to reconsider his decision and explain his concerns. He added that “every board member” had attempted to convince him to withdraw his resignation or provide further clarity, but he chose not to do so.The bank moved quickly to ensure continuity, appointing Keki Mistry, former CEO of HDFC, as interim part-time chairman with approval from the Reserve Bank of India. Following the development, the lender also held a conference call to address investor concerns.Speaking to analysts a day after the unexpected resignation, interim chairman Keki Mistry said there was “no power struggle within the bank” and emphasised that the board had not experienced any major differences of opinion during its meetings.“None of us are aware of the issues raised by Chakraborty in [his] letter,” Mistry said, adding that matters related to governance had not been discussed within the board.He reiterated that the leadership team remains aligned and dismissed any notion of internal conflict. The management team continues to function cohesively, he said, again noting that governance concerns had not been a subject of board deliberations.Mistry added, “I would never remain on the board if there were any issues with governance,” while asserting that the institution remains “very very strong on ethics.”
HDFC Bank shares: What experts feel
Despite the sharp market reaction, some analysts believe the correction may present an opportunity rather than indicate deeper structural concerns.Deven Choksey said the decline has brought the stock into a “deep value” zone, though he acknowledged that recent developments could lead to some valuation discounting.Ishan Tanna of Ashika Capital told ET that the situation as tactical rather than structural, viewing the chairman’s resignation as a potential buy-on-dips opportunity. He added that the bank’s long-standing track record of strong processes provides reassurance.Tanna also pointed to management commentary suggesting the issue stems from differences in value systems rather than regulatory or compliance concerns, indicating that it reflects differing perspectives rather than any underlying regulatory problem.(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)
