HDFC Bank's share price is down sharply today (March 23, 2026), trading around ₹744–752 on the NSE, which is a drop of about 4.5–5% from yesterday's close. This comes after a rough few days—the stock has already fallen over 10–11% in the past week and is sitting near its 52-week low.
The main reason for the ongoing pressure is the sudden resignation of the part-time/non-executive chairman, Atanu Chakraborty, a few days back (around March 18–19). He cited that certain "happenings and practices" at the bank over the last couple of years didn't align with his personal values and ethics, which immediately sparked worries about potential governance issues or internal problems.
That triggered heavy selling:
- The stock plunged as much as 8–9% in a single session earlier this week (hitting around ₹770 intraday).
- It wiped out roughly ₹1 lakh crore in market cap at one point.
- The fallout continued into Friday and now today, with investors still cautious despite the bank and RBI saying there are no major material concerns or issues with the bank's operations/financials.
The bank quickly appointed Keki Mistry (former HDFC exec) as interim chairman for the next few months, and management has tried to calm things down in calls, but the uncertainty around leadership and whatever "ethical" differences were hinted at is keeping sentiment weak. Broader banking sector weakness and overall market mood aren't helping either.
It's mostly a governance/leadership shock rather than any big fundamental business deterioration (like bad loans or earnings miss). Many analysts still see it as a "buy on dip" long-term opportunity once the dust settles, but right now the selling pressure is dominating. Keep an eye on any further clarifications from the bank or RBI.