00:00HDFC Bank, India's largest lender by market value and a favorite among foreign investors, is facing new headwinds.
00:07Its part-time chairman, Atanu Chakravarti's surprise resignation, citing ethical differences, sent to bank stock tumbling in Mumbai.
00:16Here's what Atanu said in his resignation letter, and I quote,
00:20Certain happenings and practices within the bank that I have observed over the last two years are not incongruent with
00:27my personal values and ethics.
00:30The bank, which accounts for the second largest asset base in the country, clarified that there were no concerns around
00:37its operations, and it follows strong corporate governance practices.
00:42The RBI, too, in a rare move, came out in support of the lender and clarified that there were no
00:49material concerns. Still, doubts linger.
00:51McQuarrie says that the stock may underperform the Indian market in the near term as investors seek more comfort from
00:59the board.
01:00In the meantime, the lender's troubles add to a long list of concerns for India's stock market, which are already
01:08among the worst performing in the world.
01:101
01:10The RBI
01:10The RBI
01:11In the meantime, the lender, the owner's a source of theрафmelons.
01:11Transcription by...
01:11Transcription by...
01:11Transcription by...
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