HDFC Bank's internal review found evidence that two senior executives shared confidential information with outsiders. The continuing probe coincides with a leadership transition and senior management departures.HDFC Bank shares fell 28% in 2026 amid internal issues.
HDFC Bank’s internal investigation has found evidence that two senior executives disclosed confidential business strategies and potentially market-sensitive information to outsiders, reported Bloomberg.The investigation is still underway, with the bank examining whether the information was misused, according to the report. The executives, who oversee key businesses and functions at the lender, have been formally informed of the findings.
It was not immediately clear what disciplinary action would follow.An HDFC Bank spokesperson acknowledged the internal review but declined to comment on its findings or identify the executives involved.“In line with our policies, an internal review into this matter is currently underway to gather and evaluate all relevant facts,” the spokesperson said, according to Bloomberg. “Appropriate action will be taken based on the findings, once the review is complete.” The findings were reported to senior management, including some board members, earlier this year, Bloomberg reported.HDFC BANK FACES LEADERSHIP CHANGESThe investigation comes at a sensitive time for HDFC Bank, which is preparing for a leadership transition amid recent boardroom differences and senior management departures. Anup Bagchi, a veteran of the ICICI Group, is set to take over as chief executive on October 27.
He will succeed Sashidhar Jagdishan, who decided not to seek another term after six years at the helm.In March, then-chairman Atanu Chakraborty resigned, citing differences between his personal values and certain practices at the bank. An independent legal review commissioned by the lender subsequently said his concerns were not substantiated.Kaizad Bharucha, deputy managing director and one of the bank’s longest-serving executives, has also asked to leave at the end of December.The report said HDFC Bank’s share price had fallen around 28% in 2026 as of October 21.
The lender, which has a market value of about $115 billion, has spent decades building a reputation for conservative management, internal controls and consistent profitability.The bank said it was committed to maintaining high standards of ethics and governance and took reports of potential violations seriously. The internal review is yet to be completed, and the bank has not publicly identified the executives or announced any final action.- Ends