HDFC Bank's chairman resigned citing "practices not in congruence with my personal values," wiped $7 billion off the bank's value, then offered exactly zero details — prompting the board to literally ask him to take his words back.
In a masterclass of corporate chaos theory, HDFC Bank Part-Time Chairman Atanu Chakraborty resigned on March 18 citing mysterious "ethical" concerns he'd allegedly observed over two years — without specifying a single one. The vague resignation letter detonated $7 billion in market value overnight, making it possibly the most expensive subtweet in Indian banking history. The board, clearly rattled, asked Chakraborty to reconsider and retract his language. He declined. A BlackRock portfolio manager, speaking on the investor call, noted he was "no wiser than an hour ago." The RBI promptly declared there were "no governance issues" — the financial regulator's equivalent of "this is fine" while the building smolders. Two days later, three senior executives were quietly shown the door over mis-selling practices, which is either a remarkable coincidence or the evidence Chakraborty forgot to attach.