⚠️ Main reason (official)
- He resigned citing “differences over values and ethics”
- In his letter, he said some internal practices were not aligned with his personal values
👉 Important:
- He did NOT give specific details publicly
🔍 What exactly happened?
- He mentioned:
- “Certain happenings and practices” inside the bank
- These issues were observed over the last 2 years
👉 This suggests:
- Possible internal disagreements with management or governance style
⚖️ Is there any major problem in the bank?
- The Reserve Bank of India clarified:
- No material concerns about governance or financial health
- Bank also stated:
- No major operational issues
👉 So:
- This looks like a personal/ethical disagreement, not a financial crisis
📉 Market reaction
- Shares of HDFC Bank:
- Fell around 7–8% after the news
👉 Reason:
- Sudden leadership exit creates uncertainty
👤 What happens next?
- Keki Mistry appointed as interim chairman (3 months)
🧠 Simple explanation
👉 Chairman resigned because he disagreed with certain internal practices on ethical grounds—not because of a financial crisis.
📊 Bottom Line
- ❗ Reason: Ethical/value differences
- ❗ No detailed allegations disclosed
- ❗ RBI says bank is stable
- ❗ Short-term market impact, but fundamentals intact
