HDFC Bank under US law firms’ scanner over alleged payments; shares fell 3% after May report
HDFC Bank is under investigation by three US law firms for allegedly disguising ₹45 crore in interest payments to the Maharashtra State Road Development Corporation as marketing expenses. This scrutiny follows a report from May that triggered a 3% drop in the bank's shares, resulting in significant losses for investors. The law firms are seeking to represent affected shareholders and have begun probing potential violations of federal securities laws.