The shares of HDFC Bank crashed nearly 9% on Thursday to hit the day’s low of Rs 770 on NSE amid leadership concerns after part-time Chairman and independent director Atanu Chakraborty stepped down, stating that he observed certain practices at the company over the last two years that did not align with his personal values and ethics.

In his resignation letter, Chakraborty said that certain developments and practices within the bank over the past two years did not align with his personal values and ethics. “This is the basis of my aforementioned decision,” he wrote.

As of February 27, 2026, mutual funds held nearly 359 crore shares of this stock, with a market value of Rs 3.19 lakh crore, in their portfolios before this crash. Around 25 AMCs had over 1 crore shares and, among these, 10 AMCs had over 10 crore shares.

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SBI Mutual Fund had the highest allocation in HDFC Bank, with 79.47 crore shares in its portfolio in February. ICICI Prudential Mutual Fund and HDFC Mutual Fund had 51.91 crore and 38.82 crore shares, respectively.

PPFAS Mutual Fund had 12.40 crore shares of HDFC Bank in its portfolio, with a market value of Rs 11,009 crore. Edelweiss Mutual Fund and Quant Mutual Fund had 2.97 crore and 2.62 crore shares, respectively.
WhiteOak Capital Mutual Fund had 1.64 crore shares in its portfolio in February. Samir Arora-led Helio Mutual Fund had 41.29 lakh shares of this stock in its portfolio.JioBlackRock Mutual Fund, a new entrant in the mutual fund industry, had 31.72 lakh shares of this stock in its portfolio, with a market value of Rs 281 crore. Sunil Singhania-led Abakkus Mutual Fund had 18 lakh shares of HDFC Bank, followed by Quantum Mutual Fund, which had 15.29 lakh shares in its portfolio.

iSIF by ICICI Prudential Mutual Fund had 10.56 lakh shares of HDFC Bank in its portfolio, followed by Magnum SIF by SBI Mutual Fund, which had 10.2 lakh shares.

Altiva SIF and Diviniti SIF had 2.79 lakh and 2.49 lakh shares, respectively, of HDFC Bank. Arudha SIF had 5,500 shares of this stock.

QSIF and Titanium SIF exited this stock in February by selling 6.27 lakh shares and 1.45 lakh shares, respectively.

As of January 31, 2026, mutual funds held 351 crore shares of HDFC Bank in their portfolios and added 7.90 crore shares on a monthly basis.

We considered all mutual funds that had exposure to this stock. Note: ETFs invest in stocks that are part of the underlying index.

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Chakraborty joined HDFC Bank’s board in May 2021. He previously served as Secretary in the Ministry of Finance, was an alternate governor on the World Bank Board, and also chaired the National Infrastructure Investment Fund. He is a Gujarat cadre IAS officer.

Keki Mistry, meanwhile, has been appointed as an interim part-time Chairman for a period of three months, as approved by the RBI.

(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)

This article was written by

Analyst’s Disclosure: I/we have a beneficial long position in the shares of ASC, TRMD either through stock ownership, options, or other derivatives. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.

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“To put it mildly, this is bananas,” said David Tannenbaum, director of Blackstone Compliance Services, a consultancy specialising in maritime sanctions. “Essentially we’re allowing Iran to sell oil, which could then be used to fund the war effort.”

SBI Mutual Fund, India‘s largest asset management company, has filed its draft red herring prospectus (DRHP) with market regulator Sebi for an IPO, which will be entirely an offer for sale (OFS) by its promoters. The offer will see the sale of up to 20.37 crore equity shares of face value Re 1 each, with no fresh issue component, implying that the company will not receive any proceeds.

State Bank of India, the promoter, will offload up to 12.83 crore shares, while Amundi India Holding will sell up to 7.53 crore shares as part of the OFS. The weighted average cost of acquisition stands at Rs 0.15 per share for SBI and Rs 4.35 per share for Amundi. The total issue size in rupee terms has not yet been disclosed.

SBI Mutual Fund operates as the investment manager to its flagship mutual fund business and also offers portfolio management services (PMS), alternative investment funds (AIFs) and offshore advisory services.

The company serves over 1.6 crore unique investors as of December 2025 and manages mutual fund average assets under management (MAAUM) of Rs 6,06,139 crore, accounting for 48.05% of total mutual fund MAAUM.

It holds a 15.4% market share by QAAUM, making it the largest AMC in India. The firm also dominates adjacent segments, with a 39% market share in PMS and 61% in specialised investment funds. Its SIP franchise remains one of the strongest in the industry, with 1.57 crore live SIPs, reflecting deep retail penetration.

The AMC benefits from a dual-parent structure, combining SBI’s extensive domestic distribution network with Amundi’s global asset management expertise.
Financial performance

SBI Mutual Fund has reported strong and consistent financial growth over recent years. For the nine months ended December 2025, the company reported revenue from operations of Rs 3,251 crore and profit after tax of Rs 2,433 crore.
For FY25, revenue stood at Rs 3,598 crore, while profit after tax came in at Rs 2,540 crore, reflecting high profitability and operating leverage in the asset management business.

The company operates a debt-free balance sheet and has maintained robust return ratios, with return on net worth at 33.77% in FY25. Net worth stood at Rs 72,720 crore as of December 2025.

IPO structure and positioning

Given that the issue is entirely an OFS, the listing is primarily aimed at providing liquidity to existing shareholders and unlocking value, rather than raising growth capital. The proposed listing comes at a time when India’s mutual fund industry continues to see strong inflows, driven by rising retail participation, SIP growth and financialisation of savings.

The IPO is expected to draw strong institutional and retail interest given SBI Mutual Fund’s dominant market position, strong profitability and scalable business model.

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Nearly one year after his death, Val Kilmer is returning to the screen through state-of-the-art generative artificial intelligence in the upcoming independent film “As Deep as the Grave,” with full approval from his estate and family.

The project, announced March 18, 2026, by First Line Films, marks one of the boldest applications yet of AI in feature filmmaking. Kilmer, the acclaimed actor known for iconic roles in “Top Gun,” “Tombstone,” “Batman Forever” and “The Doors,” died April 1, 2025, at age 65 from pneumonia following a long battle with throat cancer diagnosed in 2014.

Director-writer-producer Coerte Voorhees originally cast Kilmer in 2020 (with some reports citing as early as 2015) to play Father Fintan, a Catholic priest and Native American spiritualist in the fact-based historical drama. The film chronicles the lives of pioneering archaeologists Ann Axtell Morris and Earl Halstead Morris, who excavated sites in Mexico and the American Southwest from the 1920s to 1940s, focusing on their work in Arizona’s Canyon de Chelly and interactions with Navajo communities.

Kilmer passionately identified with the role, according to Voorhees, viewing it as an opportunity to highlight Ann Morris as the first prominent female archaeologist in North America and to explore Southwestern spiritual themes. Health complications from cancer and related treatments prevented Kilmer from filming any scenes, even as production delays pushed the project forward.

Rather than recast the part, Voorhees turned to generative AI to realize his vision. The technology recreates Kilmer’s likeness and performance using a combination of archival photos, footage from his younger years and later appearances, allowing the digital version to portray Father Fintan across different life stages. The AI-generated Kilmer will appear in a “significant part” of the finished film.

“This is a first-ever performance enabled by generative AI in collaboration with Val Kilmer’s estate,” the production stated. Voorhees emphasized close coordination with Kilmer’s daughter Mercedes Kilmer and other family members to ensure the depiction was respectful and true to the actor’s intent. Mercedes confirmed the family’s support, noting her father’s fascination with emerging technologies and his deep connection to the project.

The announcement follows a first-look image released by Variety showing the AI-rendered Kilmer in character, sparking immediate reactions across Hollywood and tech circles. Supporters praise the move as a fitting tribute that honors Kilmer’s unfinished commitment, while critics question the ethics of digital resurrection, even with consent, amid broader concerns over AI deepfakes, job displacement for actors and the authenticity of performances.

FIRST LOOK: Val Kilmer has been resurrected via AI to star in the new movie “As Deep as the Grave.”

Kilmer was cast in the movie in 2020, five years before his death. But he was too sick amid his throat cancer battle to ever make it to set. Now an AI version of the actor is… pic.twitter.com/OjWHUdrsXn

— Variety (@Variety) March 18, 2026

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This is not the first time AI has intersected with Kilmer’s career. In 2021, voice-cloning technology from startup Sonantic helped restore his natural speaking voice for the documentary “Val,” using old recordings to recreate dialogue after throat cancer treatments left him reliant on a voice box. That effort, approved by Kilmer, demonstrated positive applications of the tech for personal expression.

“As Deep as the Grave” joins a growing list of projects navigating posthumous performances. Earlier examples include Peter Cushing and Carrie Fisher in “Star Wars” sequels via CGI and deepfake-like techniques, and voice work for deceased artists in music or animation. Unlike those, which often used practical effects or limited archival material, the Kilmer case relies heavily on generative AI for a full, dynamic role.

The film’s ensemble includes Abigail Lawrie as Ann Morris, Tom Felton as Earl Morris, Wes Studi and Abigail Breslin in supporting parts. Originally titled “Canyon of the Dead,” the project shifted focus to emphasize archaeological discovery and cultural respect.

Voorhees described the decision as driven by both artistic vision and emotional weight. “When Val came on board five years ago, he immediately identified with the historical Southwestern spiritual character of Father Fintan,” he said in a statement. Family members reportedly reinforced that Kilmer “really wanted to be a part of this,” viewing the film as meaningful beyond entertainment.

No release date has been set, though the production aims for festival circuit entry and eventual distribution. The news arrives as AI tools advance rapidly in entertainment, raising SAG-AFTRA and other union discussions on likeness rights, consent protocols and compensation for estates.

For fans, the development offers a bittersweet opportunity to see Kilmer in a new light—one shaped by technology he embraced in life. Kilmer’s memoir “I’m Your Huckleberry” and his documentary revealed his philosophical outlook, including interest in spirituality and innovation, aligning with the film’s themes.

Whether “As Deep as the Grave” proves a respectful homage or sparks wider debate on AI in cinema, it underscores evolving boundaries in storytelling. With family blessing and technical precision, Kilmer’s final on-screen chapter arrives not through time travel, but through code.

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