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Главная Блог HDFC Bank Faces US Class-Action Lawsuit, Shares Drop

HDFC Bank Faces US Class-Action Lawsuit, Shares Drop

27.08.2026
57 мин
23
27.08.2026 10:30
HDFC Bank faces class-action lawsuit in US, shares decline

## Allegations Against HDFC Bank

HDFC Bank, a leading private sector bank in India, is currently embroiled in a class-action lawsuit in the United States. The lawsuit, filed in New York, accuses the bank of disguising interest payments as marketing expenses to inflate payouts to the Maharashtra State Road Development Corporation (MSRDC).

## Details of the Lawsuit

The complaint, initiated by investor Jwalant Natvarlal Soneji, targets HDFC's top executives, including CEO Sashidhar Jagdishan and CFO Srinivasan Vaidyanathan. It alleges that the bank promised MSRDC a 6.01% interest rate, significantly higher than the standard rate, in violation of Reserve Bank of India (RBI) regulations.

## Financial Implications

The lawsuit claims that between 2023 and 2025, HDFC redirected approximately 45 crore rupees ($4.7 million USD) as marketing expenses to cover the interest differential. This move allegedly violated both RBI guidelines and the bank's internal policies.

## Impact on Shares

Following the lawsuit's filing, HDFC's American Depositary Shares (ADS) saw a significant decline. The shares dropped 7.28% after the resignation of Chairman Atanu Chakraborty, who cited ethical concerns. Further revelations led to an additional 4.1% decrease in share value.

## Bank's Response

HDFC Bank has stated that such lawsuits are common in the U.S. following stock declines and believes the claims are without merit. The bank intends to defend itself vigorously against the allegations.

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