HDFC Bank: Law firms wrap up review related to ex-chair's resignation

Research evidence excerpt

HDFC Bank: Law firms wrap up review related to ex-chair's resignation

Update

June 28, 2026 04:53 PM GMT

Morgan Stanley India Company Private Limited+MHDFC Bank | Asia Pacific Subramanian Iyer

Equity Analyst

Law firms wrap up review Subramanian.Iyer@morganstanley.comLavish Porwal +91 22 6118-2234

Research Associate

Lavish.Porwal@morganstanley.com +91 22 6118-1197

related to ex-chair's resignation Kushan Parikh, CFA

Kushan.Parikh@morganstanley.com +91 22 6118-1082

Key Takeaways

External law firms reviewed board minutes, documents, and interviews for the

two years preceding the ex-chairman's resignation.

The filing states that the report found no contemporaneous evidence in the

minutes, materials, or communications supporting the concerns raised. HDFC Bank (HDBK.NS, HDFCB IS)

ADRHDB.N

Records and interviews did not substantiate the ex-chairman’s statement, India Financials | India

including the Dubai branch matter referenced after his resignation. Stock Rating Overweight

Industry View Attractive

As per the filing, the ex-chairman did not participate in the review despite Price target Rs1,025.00

multiple post-resignation requests. Shr price, close (Jun 25, 2026) Rs796.30

52-Week Range Rs1,020.50-726.65

On June 18, 2026, the RBI approved another three-month extension for Mr. Keki Sh out, dil, curr (mn) 15,393

Mkt cap, curr (mn) Rs12,257,764

Mistry as part-time chairman, or until the appointment of a regular chairman. EV, curr (mn) Rs12,257,764

Avg daily trading value (mn) Rs29,259

Background: The ex-chairman resigned in March 2026, stating that certain

happenings and practices over the previous two years were not in congruence with

his personal values and ethics. He said this formed the basis of his decision. The