NEW YORK--(BUSINESS WIRE)--Bragar Eagel & Squire, P.C., a nationally recognized shareholder rights law firm, is investigating potential claims against HDFC Bank Limited (NYSE: HDB) on behalf of HDFC Bank stockholders. Our investigation concerns whether HDFC Bank has violated the federal securities laws and/or engaged in other unlawful business practices.
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On July 13, 2020, The Economic Times reported that HDFC Bank had “conducted a probe into allegations of improper lending practices and conflicts of interests in its vehicle-financing operations involving the unit's former head.”
On this news, HDFC Bank’s American depositary receipt price fell $1.37 per share, or 2.83%, to close at $47.02 per share on July 13, 2020.
On July 19, 2020, HDFC Bank reported its financial results for the first quarter of the Bank’s 2021 fiscal year, missing analyst estimates with respect to net profit and reporting a deterioration in its asset quality.
Then, on August 6, 2020, the publication The Print reported that in July 2020, Experian Plc’s Indian unit had informed the Reserve Bank of India that “HDFC Bank has been late in providing details of its loans, including the repayment status of its millions of retail borrowers” and that “[s]uch tardiness has been an issue for about two years.”
If you purchased or otherwise acquired HDFC Bank shares and suffered a loss, have information, would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Melissa Fortunato or Marion Passmore by email at investigations@bespc.com, or telephone at (212) 355-4648, or by filling out this contact form. There is no cost or obligation to you.
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Bragar Eagel & Squire, P.C. is a nationally recognized law firm with offices in New York and California. The firm represents individual and institutional investors in commercial, securities, derivative, and other complex litigation in state and federal courts across the country. For more information about the firm, please visit www.bespc.com. Attorney advertising. Prior results do not guarantee similar outcomes.
