Mumbai: Rosen Law Firm from the United States has declared that a probe of potential securities claims on behalf of the HDFC Bank’s shareholders. This was following allegations of issuing materially misleading business information to the investors by the bank.
Rosen Law firm, in a press release issued on Sunday night, said that it is in the process of making a securities lawsuit on behalf of shareholders of HDFC bank.
Mint had reported on July 14 that the HDFC Bank is investigating the alleged improper lending practices in the vehicle financing arm, in which business head Ashok Khanna was involved. The allegation was that the car loan customers were forced to buy a vehicle tracking device.
Following the development, HDFC Bank’s American depositary receipt price dropped by $1.37 per share, or 2.83 per cent, to close at $47.02 per share.
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