“None of us are aware of the issues raised by Chakraborty in the letter,” said Mistry, who served as chief executive of Housing Development Finance Corp. Ltd. (HDFC Ltd.) before the mega HDFC Bank merger in 2023. “There’s no power struggle within the bank.”

HDFC Bank shares slid 8.7% in pre-open trade on Thursday, after India’s largest private-sector lender said its part-time chairman Atanu Chakraborty resigned citing differences over “values and ethics”.

“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. This is the basis of my aforementioned decision,” Chakraborty said in his resignation letter to the board, a copy of which was shared in an exchange filing on Thursday (19 March 2026). “I confirm that there are no other material reasons for my resignation other than those stated above.”

Mistry, who is a non-executive (non-independent) director on the HDFC Bank board, has taken interim charge as part-time chairman.

“Differences on minor issues do come up from time to time—no material issues raised,” Mistry went on to say today.

“While governance standards have historically been strong for the bank, the current episode raises concerns about aspects that we may have limited insights, but could be material from a stock multiple perspective,” Kotak Institutional Equities said in a note.