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A CASE OF MISFIRE RATHER THAN A MISFIT

The Morning Standard

|

March 22, 2026

WHEN former top bureaucrat of the Union finance ministry Atanu Chakraborty resigned as the non-executive chairman of HDFC Bank on Wednesday, markets bought into the message of his resignation letter with a momentous fall.

- DIPAK MONDAL

In two days after his mention of “values and ethics” in the letter, the bank lost around @1 lakh crore in its market value. The fall could either signify Chakraborty’s stature as a bureaucrat or a structural problem in the country’s second largest lender, or both.

The jury is still out on what caused Chakraborty’s outburst. His succinct—but sharply worded—resignation letter has stumped observers. Was it a case of dissent at the top or a deliberate push towards cleaning the labyrinth of corporate decision making, where mal-intent could lie latent for years?

The Morning Standard

यह कहानी The Morning Standard के March 22, 2026 संस्करण से ली गई है।

हजारों चुनिंदा प्रीमियम कहानियों और 10,000 से अधिक पत्रिकाओं और समाचार पत्रों तक पहुंचने के लिए मैगज़्टर गोल्ड की सदस्यता लें।

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