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HDFC Bank share price falls on report US firm to file class action lawsuit

Share price of HDFC Bank slipped 1.37% to Rs 1,020 against previous close of Rs 1,034 on BSE

twitter-logoBusinessToday.In | August 17, 2020 | Updated 15:53 IST
HDFC bank share price falls on report US firm to file class action lawsuit
HDFC Bank has fallen 7% in one year and lost 19.17% since the beginning of this year.

Share price of HDFC Bank share price fell over 1% today after US-based global investor rights law company Rosen Law Firm announced a lawsuit on behalf of shareholders of HDFC Bank following allegations against the bank of issuing "materially misleading business information" to investors.

Share price of HDFC Bank slipped 1.37% to Rs 1,020 against previous close of Rs 1,034 on BSE.

The stock lost 3.67% in the last 4 days.

The share trades higher than 50 day and 100 day moving averages but lower than 5 day, 20 day and 200 day moving averages.

The large cap share has fallen 7% in one year and lost 19.17% since the beginning of this year. Total 5.29 lakh shares changed hands amounting to turnover of Rs 54.57 crore.

Market cap of the firm fell to Rs 5.68lakh crore.

US-based law firm to initiate class action lawsuit against HDFC Bank

Rosen Law, Firm said it was preparing a securities lawsuit. "If you purchased securities of HDFC Bank, please visit the firm's website at rosenlegal.com/cases-register-1922 to join the securities action," the firm added.

The development comes days after it was reported on July 13 that HDFC Bank had conducted an investigation into the "improper lending practices and conflicts of interests" in its vehicle-financing arm.

On August 4,  the share gained 5% intra day after RBI cleared name of Sashidhar Jagdishan as the next CEO of the private lender. Jagdishan will succeed Aditya Puri who will retire from the top post on October 26.

Jagdishan will take over from Puri on October 27 for a period of 3 years. In Q1 of current fiscal, the private lender's profit during Q1 FY21 rose sharply to Rs 6,658.62 crore compared to Rs 5,568.16 crore in the same period last year. Net interest income in Q1 FY21 gained 17.8% YoY to Rs 15,665.42 crore.

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