Macquarie Removes HDFC Bank From 'Marquee List' Citing Governance Issues and Short-Term Weakness

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HDFC Bank Drops from Macquarie's Marquee List Amid Governance Concerns

HDFC Bank Drops from Macquarie's Marquee List Amid Governance Concerns

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CNBC TV18•19-03-2026, 11:50

HDFC Bank Drops from Macquarie's Marquee List Amid Governance Concerns

•Macquarie Group removed HDFC Bank from its marquee buy list after Chairman Atanu Chakraborty's resignation.
•Governance concerns and near-term weakness are cited, despite strong fundamentals and an 'Outperform' rating.
•Uncertainty around CEO Sashidhar Jagdishan's reappointment and potential board-management disagreements add to overhang.
•Chakraborty's resignation letter cited misalignment with personal values and ethics regarding bank practices.
•HDFC Bank shares dropped 4.5% on Thursday, with a 20% decline year-to-date.

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