Mumbai/IBNS, March 19 -- Shares of HDFC Bank plunged over 8 percent on Thursday following a sudden change in its top leadership, media reports said.

The sharp fall came after Atanu Chakraborty, part-time chairman and independent director of the bank, resigned with immediate effect citing ethical concerns.

In his resignation letter, Chakraborty said he was not aligned with certain decisions taken by the bank over the past two years.

Reflecting on his tenure, Chakraborty said the period saw key developments, including the merger with HDFC Ltd, which created a financial conglomerate and made HDFC Bank the second-largest lender in the country. He noted, however, that the full benefits of the merger are yet to be realised.

Following his ex...