HDFC Bank Shares Fall Nearly 3% As SEBI Reviews Ex-Chairman Exit, Jefferies Exits Stake

Shares of HDFC Bank declined by nearly 3% on March 27, 2026, after reports that the Securities and Exchange Board of India (SEBI) was reviewing the resignation letter of the bank’s former chairman, Atanu Chakraborty, as per a report by Reuters.

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The stock fell 2.95% to an intraday low of ₹759.25 on the NSE, reversing gains from the previous sessions.
SEBI Review Of Resignation Letter

SEBI has initiated a preliminary examination of Chakraborty’s resignation letter for possible violations related to corporate governance and disclosure norms, Reuters reported citing sources.

According to Reuters, a SEBI department overseeing corporate disclosures is examining whether the concerns raised in the letter point to any lapses in fiduciary duties by the former chairman or other board members.

The review is aimed at verifying claims mentioned in the resignation letter and assessing whether any material information was not adequately documented in board records, as per Reuters. Chakraborty told Reuters that he was not aware of any such regulatory examination.

In his resignation letter, he cited “certain happenings and practices within the bank” that were “not in congruence” with his personal values and ethics, without providing further details.

Stock Movement And Market Impact

HDFC Bank's stock has been swinging following the news of the resignation. The stock had declined 8.7% in the session after the letter became public, resulting in a reduction of about ₹1.35 lakh crore in market capitalisation over three sessions, according to Reuters.

The latest decline on March 27 extends the downward pressure amid ongoing developments related to governance concerns.

Jefferies Exits Stake

Global brokerage Jefferies exited its holdings in HDFC Bank shares and reduced its exposure to India shortly after Chakraborty’s resignation, Reuters reported.

The move came amid heightened scrutiny around the lender’s board-level developments.

Separately, HDFC Bank stated earlier that it has appointed external law firms to independently review the issues raised in the resignation letter. However, Chakraborty told Reuters that he had not been contacted by these firms.

The developments have kept the stock under focus as regulatory review and internal assessments continue.