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News Details

HDFC Bank - Clarification

Back
21/09/2020 15:04
This refers to the various media reports related to filing of class action claims by certain US law firm(s) against the Bank.

In this regard, we wish to inform you that the Bank is aware of a complaint that was recently filed against the Bank and its three employees in the United States. The lawsuit, which was filed by a single small security holder who seeks to represent a class of the Bank's security holders, is based on allegations that the security holder claims caused a temporary decline in the Bank's ADR stock price in July 2020. The Bank denies the allegations and intends to defend itself vigorously in the lawsuit. The Bank expects its response to the lawsuit to be due in early 2021.

Since the lawsuit is at a premature stage, there is no matter at this point of time which requires disclosure as per Regulation 30 of SEBI (Listing Obligations & Disclosure Requirements) Regulations, 2015.

We trust this clarifies.