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The Economic Times
The Economic Times
Business
Debaroti Adhikary

HDFC Bank shares fall as 3 US law firms launch probe over alleged federal law violations

HDFC Bank AS United States MSRDC NSE Economic Times

Shares of HDFC Bank slipped more than 1% on Friday after three separate US law firms announced investigations into whether the Indian private lender violated federal securities laws by allegedly disguising Rs 45 crore in payments to the Maharashtra State Road Development Corporation (MSRDC) as marketing spend.

HDFC Bank shares dropped to Rs 737.25 apiece on NSE on Friday. The shares of India’s largest private lender have now crashed 10% over five sessions since the release of its Q1 earnings last weekend.

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