, Columnist
HDFC Crisis Is Exposing the Cracks in India Inc.
Shaking investors’ faith.
Photographer: Sam Panthaky/AFP/Getty Images
India’s largest private-sector lender, HDFC Bank Ltd., is scrambling to respond to investors’ concerns that highlight the extent to which some of the country’s most esteemed firms have lost precious cachet — and, occasionally, the market’s faith.
Chairman Atanu Chakraborty resigned March 18, citing “certain happenings and practices” at the bank that are “not in congruence with my personal Values and Ethics.” He later told a TV interviewer that he didn’t depart due to wrongdoing at the lender.