India, March 19 -- In the last 24 hours, the HDFC Bank has seen not just the change of guards but also a huge drop in its share prices. On Wednesday, the bank's part-time chairman of last 5 years, Atanu Chakraborty, resigned citing 'ethical' concerns. In his resignation, Chakraborty wrote that certain happenings and practices in the bank in the last 2 years were not in congruence with his personal values and ethics.

HDFC shares pared losses after falling as much as 8.7% on Thursday morning on India's stock exchanges, following a decline in its American Depositary Receipts during US trading hours, reported Bloomberg.

The resignation is the first of its kind in HDFC Bank's history as no chairman before Chakraborty had left midway of their...