HDFC Bank Sued in US Over Alleged Misleading Disclosures; Shares Fall 1.5% | Explained
HDFC Bank, India’s largest private lender, is facing a securities fraud class-action lawsuit in the US. An investor has alleged that the bank made misleading disclosures and failed to reveal adverse information linked to its business and governance practices. The complaint centres on alleged ₹45-crore payments to the Maharashtra State Road Development Corporation (MSRDC), which were allegedly routed through marketing expenses. The lawsuit follows investigations announced by three US law firms. HDFC Bank has rejected the allegations, calling the lawsuit without merit and saying it will vigorously defend itself. Watch the video for the full story and what it means for investors.
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