HDFC Bank records 55.4% YoY growth in gross advances in Q4FY24
Bank’s advances inched up 1.6% from Rs 24.69 trillion at the end of December 31, 2023 (Q3 FY24).
US-based Rosen Law Firm, an investor rights law firm, has announced an investigation of potential securities claims on behalf of shareholders of HDFC Bank following allegations that the bank may have issued materially misleading business information to investors.
The press release issued on Sunday night quoted local media reports issued in July saying that the “HDFC Bank had “conducted a probe into allegations of improper lending practices and conflicts of interests in its vehicle-financing operations involving the unit’s former head”. On this news, HDFC Bank’s American depositary receipt price fell $1.37 per share, or 2.83%, to close at $47.02 per share on July 13, 2020, the statement said.
On July 19, 2020, the NYSE-listed HDFC Bank reported its financial results for the first quarter of the Bank’s 2021 fiscal year, missing analyst estimates with respect to net profit and reporting a deterioration in its asset quality, the statement noted.
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Further, the release quoted another local media report issued in August saying that the Experian Plc’s Indian unit had informed the Reserve Bank of India that “HDFC Bank has been late in providing details of its loans, including the repayment status of its millions of retail borrowers” and that “[s]uch tardiness has been an issue for about two years.”
“Rosen Law Firm is preparing a securities lawsuit on behalf of HDFC Bank shareholders. If you purchased securities of HDFC Bank please visit the firm’s website at http://www.rosenlegal.com/cases-register-1922.html to join the securities action,” it said.
The firm said that it represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation.
Last year the law firm had filed a class action lawsuit against Infosys after an anonymous whistleblower group accused the software giant’s management of “unethical” steps to boost short-term revenue and profits.
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