HDFC Bank Share Price Fall: HDFC Bank Share Price Crash: HDFC Bank shares have weighed heavily on the markets. In the past three sessions (March 18 to 20), HDFC Bank shares have crashed by up to 8 per cent.
This sharp fall in HDFC Bank shares has eroded the bank's market capitalisation by Rs 1 lakh crore, according to data accessed by The Capital Today.
At close on Friday (March 20), HDFC Bank's market capitalisation stood at Rs 12.01 lakh crore, down by Rs 1 lakh crore from Rs March 17's closing of Rs 13.01 lakh crore.
HDFC Bank, the country's largest private sector lender, however, is still the second most valuable listed company in the country, after Mukesh Ambani's Reliance Industries Limited (RIL).
On Friday, HDFC Bank shares closed in the red for the third straight session, at Rs 781.
HDFC Bank Share Price Fall Reason
HDFC Bank shares have come under selling pressure after its chairman Atanu Chakraborty abruptly resigned on Wednesday evening, citing ethical concerns.
"Certain happenings and practices within the bank, that I have observed over the 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 dated March 17.
This is the first time that a part-time chairman of HDFC Bank left mid-way, raising concerns over the bank's functioning.
Chakraborty was appointed as the part-time chairman of the bank effective May 5, 2021, almost a year after he retired as the economic affairs secretary. His term was extended for another three years in 2024, till May 4, 2027.
