Class Action Lawsuit Filed Against HDFC Bank Limited Over Alleged Securities Fraud
A class action lawsuit has been filed against HDFC Bank Limited (NYSE: HDB) by Pomerantz LLP, alleging securities fraud and other unlawful business practices. Investors who purchased or acquired HDFC shares during the specified Class Period are advised to contact the firm for potential inclusion in the case. The legal action follows two significant events that impacted HDFC's stock price. First, on March 18, 2026, the resignation of Mr. Atanu Chakraborty as part-time Chairman and Independent Director led to a sharp decline in share value after he cited ethical concerns with internal practices. Then, an article published by The Indian Express on May 27 revealed that HDFC allegedly disguised payments totaling Rs 45 crore ($4.7 million) to the Maharashtra State Road Development Corporation (MSRDC), offering higher interest rates through fraudulent sponsorship arrangements. These disclosures triggered further stock price declines and prompted a class action lawsuit, with investors now facing an October 13 deadline to seek appointment as Lead Plaintiff in the case.
Tickers: $HDB
Topics: class action resignation of chairman securities fraud stock price drop