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Chakraborty quits HDFC Bank board over value clash; ADRs crash 7%

Source: economictimes.indiatimes.com

Atanu Chakraborty, a key independent director at HDFC Bank, resigned citing misalignment with the bank's values.
HDFC Bank ADRs dropped 7% in New York trading following the announcement.
Shares rose over 3% in Mumbai amid market speculation on the resignation's impact.

Atanu Chakraborty, former RBI deputy governor and independent director on HDFC Bank's board, quit after less than two years, saying certain bank values did not align with his own. The resignation letter highlighted concerns over governance or ethical standards without specifics. HDFC Bank shares faced immediate pressure with ADRs tumbling, while domestic shares saw a rebound. This matters to investors as it raises questions about internal stability at India's largest private bank post its mega-m