Unusual Event Impacts HDFC Bank ADR Following Atanu Chakraborty's Departure
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HDFC Bank ADRs Hit Rare Discount After Atanu Chakraborty's Exit
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CNBC TV18•19-03-2026, 14:55
HDFC Bank ADRs Hit Rare Discount After Atanu Chakraborty's Exit
•HDFC Bank's US-listed ADRs traded at a discount to Indian shares for the first time since May 2022, following Atanu Chakraborty's resignation as part-time Chairman.
•The discount, approximately 2.2%, is the steepest in six years, a rare occurrence as ADRs typically command a premium.
•US-listed shares fell 7.3% on NYSE after Chakraborty's abrupt exit, citing ethics concerns.
•Brokerage Macquarie Group removed HDFC Bank from its buy list due to governance concerns, despite strong fundamentals.
•Analysts remain broadly positive, with 45 out of 47 maintaining a 'Buy' rating and a consensus 12-month target price implying a 42% upside.
