Atanu Chakraborty abruptly resigned as HDFC Bank Chairman, citing a mismatch between internal bank practices and his personal values.
Global brokerage Jefferies liquidated its entire holding of HDFC Bank stock across major portfolios just nine days after the announcement.
The events point to potential internal friction regarding post-merger accounting, compliance standards, or aggressive growth targets at India's largest private lender.
The combined shock is expected to trigger severe FII outflows and likely force an intervention or specialized audit by the Reserve Bank of India.
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