BACK PAGE | PAGE 16 COMPANIES | PAGE 4 Dhurandhar2stormsBO, eyes`100croreonDay1 INTERNATIONAL | PAGE 7 Gas crunch drives kiranas to stock ready-meal foods CHENNAI/KOCHI, FRIDAY, MARCH 20, 2026 BoE holds rates at 3.75% as inflation risks rise FOLLOW US ON TWITTER & FACEBOOK. APP AVAILABLE ON APP STORE & PLAYSTORE WWW.FINANCIALEXPRESS.COM READ TO LEAD VOL NO. XLVI 268, 16 PAGES, `12 P U B L I S H E D F R O M : A H M E D A B A D , B E N G A L U R U , C H A N D I G A R H , C H E N N A I , H Y D E R A B A D , K O C H I , K O L K ATA , L U C K N O W, M U M B A I , N E W D E L H I , P U N E SENSEX: 74,207.24 ▼ 2496.89 NIFTY: 23,002.15 ▼ 775.65 NIKKEI 225: 53,372.53 ▼ 1,866.87 HANG SENG: 25,500.58 ▼ 524.84 `/$: 92.63* ▼ 0.24 `/€: 106.91* ▼ 0.22 BRENT: $111.86 ▲ $4.48 GOLD: `147418.00 ▼ `7,179 *Prv close INVESTORSLOSENEARLY`13LCRASWESTASIACONFLICTSENDSBRENTSOARINGTO$119 Crude surge singes D-St L&T -31.07 HDFC Bank 2,496 (% loss) M&M 76,704 TOP SENSEX LOSERS TOP M-CAP LOSSES (` lakh crore) Bajaj Finance Mar 18 (close) Eternal SENSEX 3.26% -5.65 -5.42 -5.25 -5.13 -4.72 points OIL ON THE BOIL Jun 04, 2024 -15.32 -14.22 -14.09 -13.47 -13.44 -12.87 -12.61 -11.42 -10.98 Brent crude prices ($ per barrel) Aug 05, 2024 120 Mar 23, 2020 Apr 07, 2025 Mar 13, 2024 Feb 24, 2022 Mar 19, 2026 Jan 13, 2025 Mar 12, 2020 115 100 Jan 06, 2025 107.38 Mar 18 (close) 111.44 Mar 19 At 7:30 pm IST Source: Bloomberg Mar 19 (close) KISHOR KADAM Mumbai, March 19 INDIAN EQUITIES CAME underintense selling pressure on Thursday, snapping a three-day winning streak, as escalating tensions in West Asia triggered a global risk-off mood. The surge in crude oil prices further rattled investor sentiment. A sharp 5.13% decline in HDFC Bank’s share price, following the sudden resignation of its part-time chairman Atanu Chakraborty, con- »INSIDE« tributednearlyone-fifthtothe Sensex’s losses,given its heavy weight in the index. The US Federal Reserve’s decision to hold interest rates also dampened investor sentiment. Brent crude prices surged byarecord$11.75perbarrelon Thursday to $119.13 — the highest level in four years — before paring some gains to trade around $111 per barrel (at 7:30 pm IST). The benchmark indices recorded their biggest singleday losses since June 4, 2024 (Lok Sabha elections counting day), erasing all gains made in thepreviousthreesessions.The Sensex plunged 2,496.89 points or 3.26% to close at an 11-month low of 74,207.24, while the Nifty shed 775.65 points or 3.26% to end just above the 23,000 mark at 23,002.15. NaveenKulkarni,CIO–PMS, Axis Securities, said, the sharp decline in the markets is a direct fallout of the serious escalationinWestAsia.Thereis averyrealthreattotheregion’s energy infrastructure, with reports of gas fields and even key facilities in the region under attack.Ifcriticalenergy assets are taken out, restoring them could take months, if not years, and that poses a significant global risk. “Until there is clarity on how this situation evolves, volatilitywill remain elevated. The next 48-72 hours are crucial, but by the end of the month we should start seeing some degree of stability, even if the conflict continues at a lower intensity," Kulkarni IRAN HITS GULF OILFACILITIES; SHOCKWAVES ATTACK HAS WIPED OUT 17% OF OUR LNG HITGLOBALECONOMY PAGE 7 CAPACITY: QATARENERGY CEO PAGE 7 RBI defends HDFC Bank afterchairman’s exit row ● Bank stock sees 110 105 India’s mostvaluable private sector lender found itself in an unusual bind—caught between a departing chairman’s cryptic warning,a management denial,and a rare public reassurance from the regulator 74,207 added. Market volatility spiked, with the IndiaVIX Index rising 21.8% to 22.80, indicating heightened uncertainty and increased risk aversion among investors. Continued on Page 5 TEHRAN CONSIDERS LEVYINGTRANSITFEES ON SHIPS IN STRAITOF HORMUZ PAGE 7 the sharpest single-day decline since June 2024 FE BUREAU & AGENCIES Mumbai, March 19 HDFC BANK FACED a sharp market selloff and mounting investor concern on Thursday afterthe abrupt resignation of its part-time chairman Atanu Chakraborty, even as the Reserve Bank of India (RBI) and the bank’s management moved swiftly to reassure stakeholders that there were no governance lapses. Chakraborty, who had served as chairman since 2021, stepped down late Wednesday, citing “certain happenings and practices” at the bank over the past two years that were “not in congruence”with his personalvalues and ethics.The letter,however, did not specify any instances. Within hours,Chakraborty sought to clarifythat his resignation did not point to any “wrongdoing”at the bank. Continued on Page 7 CHENNAI/KOCHI DIFFERENCES OUT IN THE OPEN RESERVE BANK OF INDIA HDFC Bank is a systemically important bank with sound financials, professionally run board and competent management team. There were no material concerns on record regarding the bank’s conduct or governance KEKI MISTRY, ATANU CHAKRABORTY, There were no specific operational issues. There may have been some relationship issues rather than any substantive governance problem. It is a little baffling and we will get to the root of the issues I resigned because of certain practices over the past two years that were not in congruence with my personal values and ethics. I did not point to any wrongdoing at the bank INTERIM CHAIRMAN FORMER CHAIRMAN »INSIDE« EDITORIAL: CLARITY, NOT COMFORT P8 NEWS POINT: A PROXYFIRMS FLAG SUDDEN EXIT, A CONCERN; EXIT LOUD SIGNAL P20 ADDSTO UNEASE P6