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HDFC Bank share price surged 3% in Tuesday's trading session, snapping four-day losing streak, after the bank said it has tapped external counsel to review the ex-chairman's resignation.

The banking stock opened at ₹755 apiece on March 24, as compared to the previous close of ₹744.15 on Monday. HDFC shares declined over 12% in the last four sessions.

In an exchange filing on Monday, HDFC Bank informed the exchanges that it has appointed external law firms to review the resignation letter of its part-time chairman, Atanu Chakraborty.

It further said that the law firms have been advised to provide their report on the same within a reasonable period of time.

Atanu Chakraborty stepped down as part-time chairman and independent director of the lender on March 18, citing differences with the board.

In his resignation letter, Chakraborty said that certain developments and practices he had observed within the bank over the past two years were not aligned with his personal values and ethics, and he cited this misalignment as the reason for his decision to step down.

On March 23, the lender also clarified that the recent termination of three employees followed an internal investigation linked to a regulatory notice from Dubai, adding that the matter had no material impact on the bank.

In a clarification to exchanges, the lender referred to a report stating that the action stemmed from a decision notice issued on September 25, 2025, by the Dubai Financial Services Authority (DFSA) to its branch in the Dubai International Financial Centre (DIFC).

The bank said its Governance, Nomination and Remuneration Committee (GNRC) had initiated an internal probe under its conduct regulations. The investigating officer submitted findings to the disciplinary committee, which, after deliberation, recommended accountability measures to the GNRC.

At its meeting on March 9, the GNRC approved the actions, including the dismissal of the three employees. The bank added that the affected employees have the option to appeal the decision before the Appellate Authority, which is its board of directors.

Disclaimer: This story is for educational purposes only. Please consult with an investment advisor before making any investment decisions.Vaamanaa covers business and stock market news. Started in 2020, she has been producing news on digital platforms for over 4.5 years now. She writes on markets, commodities, IPOs, and industry. She has worked for news channels like Jagran New Media and Business Insider India. You can reach out to her at vaamanaa.sethi@htdigital.in.

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