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Shares of HDFC Bank Ltd moved higher in Tuesday’s trading session after reports emerged that the bank has hired external legal experts to review the resignation of its former chairman, Atanu Chakraborty. The development appeared to reassure investors, pushing the stock upward during the day.At around mid-session, HDFC Bank shares were trading at ₹756.20 on the National Stock Exchange of India, up ₹12.05 or 1.62% from the previous close. The stock snapped its four-day losing run, during which it had declined nearly 12% over the same period. During the period, the stock hit a 52-week low of Rs 740.95.The recovery in the stock also coincided with the bank’s clarification that it has engaged external law firms — both domestic and international — to review Chakraborty’s resignation letter. The bank reiterated that the letter did not highlight any specific governance lapses or ethical concerns. The selling pressure in the stock came as the part-time chairman and independent director of the lender resigned on March 18.The early exit of Atanu Chakraborty spooked investors. "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," Chakraborty said in its resignation letter.Following the exit, HDFC Bank clarified to the exchanges that the outgoing chairman did not point to any specific happenings or practices to back up his statement. The bank reassured stakeholders that there are currently no material governance, operational, or regulatory concerns. To ensure continuity, the Reserve Bank of India has approved Keki Mistry to step in as the interim part-time chairman for a period of three months.Chakraborty was appointed as part-time chairman in April 2021 for a three-year term, and reappointed in May 2024 for a further term extending through May 4, 2027. During his tenure, HDFC Bank merged with housing finance firm HDFC Ltd in a $40 billion deal. On Monday, brokerage firm HSBC cut its price target on HDFC Bank to ₹990 from ₹1,070 earlier, stating that it could see compression in its valuation multiples. It added that performance will have to improve from HDFC Bank to offset the current sentiment impact.45 out of the 47 analysts tracking HDFC Bank have a "buy" rating on the lender.

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