HDFC Bank handled director resignation well, but disclosure now key: Proxy advisors

Abizer Diwanji, Founder of NeoStrat Advisors LLP, and Shriram Subramanian, Founder & MD of InGovern, said HDFC Bank has taken the right steps after the independent director’s resignation by involving regulators, forming a committee, and appointing a law firm. They emphasised that governance concerns should be handled internally first, while Subramanian added that key findings from the probe should be disclosed to investors to restore confidence. HDFC Bank shares rose nearly 3% in today’s session, but the stock is still down over 22% so far this year.