Shares of India’s leading private lender HDFC Bank dropped as much as 2.5% to an intraday low of Rs 759 on Wednesday after a newspaper report stated that the lender’s Audit Committee had ordered a formal “Internal Vigilance Investigation” into payments totalling Rs 45 crore to a PSU disguised as marketing spend.
A report in The Indian Express said the payments were allegedly made to the Maharashtra State Road Development Corporation (MSRDC), a state government agency, just days before former chairman Atanu Chakraborty resigned on March 18.
