Stock hits 21-mth low

SHARES OF HDFC Banktanked 5% on Thursday to *799.70,a 21-month low, following the surprise exit of the Part-time Chairman Atanu Chakraborty who cited “practices” that were not in congruence with his ethics. Intra-day,the stock fell by 8.6%, with its market capitalisa-tion eroding by %66,570 crore. The scrip also marked its worst single-day loss since June 4, 2024 as well as the lowest clos-ing level since June 14, 2024.

- ANJANA THERESE ANTONY & KUSHAN SHAH

SHARES OF HDFC Banktanked 5% on Thursday to *799.70,a 21-month low, following the surprise exit of the Part-time Chairman Atanu Chakraborty who cited “practices” that were not in congruence with his ethics. Intra-day,the stock fell by 8.6%, with its market capitalisation eroding by %66,570 crore. The scrip also marked its worst single-day loss since June 4, 2024 as well as the lowest closing level since June 14, 2024.

Suresh Ganapathy of Maquarie wrote in a note that the near-term underperformance may remain.“While fundamentals remain strong with good ROA, at this point in time, governance concerns will weigh down heavily on the stock.”