HDFC Bank Chair Resigns Citing Ethical Differences

HDFC Bank Ltd.’s chairman resigned unexpectedly citing ethical differences, wiping $7 billion off the lender’s market value Thursday and prompting an unusual public defense from India’s banking regulator.

Atanu Chakraborty, the lender’s part-time chairman since 2021, stepped down late Wednesday. “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,” he wrote in a letter, without elaborating.