INVESTOR ALERT: Pomerantz Law Firm Reminds Investors With Losses On Their Investment In HDFC Bank Limited Of Class Action Lawsuit And Upcoming Deadlines HDB
The class action concerns whether HDFC and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
You have until October 13, 2026, to ask the Court to appoint you as Lead Plaintiff for the class if you purchased or otherwise acquired HDFC securities during the Class Period. A copy of the Complaint can be obtained at .
[Click here for information about joining the class action]On March 18, 2026, during U.S. market hours, HDFC filed a letter with the Bombay Stock Exchange and the National Stock Exchange of India Limited, reporting the resignation of Mr. Atanu Chakraborty from his roles as part-time Chairman and Independent Director of HDFC. The Company's letter attached Mr. Chakraborty's resignation letter, which stated that“[c]ertain happenings and practices within the bank, that I have observed over last two years, are not in congruence with my personal Values and Ethics. This is the basis of my aforementioned decision.”
On this news, the price of HDFC's American Depositary Shares (“ADS”) fell $2.09, or 7.28% to close at $26.62 per share on March 18, 2026, on unusually heavy trading volume.
On May 27, 2026, before the market opened, The Indian Express published an article entitled“HDFC Bank 'camouflaged' crores as marketing spend to pay higher interest to state firm.” The article reported that HDFC Bank had made covert payments of approximately“Rs 45 crore,” or approximately $4.7 million USD, to the Maharashtra State Road Development Corporation (“MSRDC”) to induce MSRDC to make large deposits with the Company. The Company offered 6.01% interest to MSRDC, a 2.51% markup over the interest offered to other savings accounts, and paid that markup by“disguis[ing] [it] as sponsorship payments for a road safety awareness campaign run by MSRDC.” Reportedly, an internal probe in March and April 2026 concluded that over ten top officials bore responsibility, including HDFC's CEO Sashidhar Jagdishan.
On this news, HDFC's ADS price fell $1.02, or 4.11%, to close at $23.78 per ADS on May 27, 2026.
Pomerantz LLP, with offices in New York, Chicago, Los Angeles, London, Paris, and Tel Aviv, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, Pomerantz pioneered the field of securities class actions. Today, more than 85 years later, Pomerantz continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See .
Attorney advertising. Prior results do not guarantee similar outcomes.
CONTACT:
Danielle Peyton
Pomerantz LLP
...
646-581-9980 ext. 7980
Legal Disclaimer:
MENAFN provides the
information “as is” without warranty of any kind. We do not accept any
responsibility or liability for the accuracy, content, images, videos,
licenses, completeness, legality, or reliability of the information
contained in this article. If you have any complaints or copyright issues
related to this article, kindly contact the provider above.
Comments
No comment