Times of India | HDFC Bank shares drop 2% on reports of probe regarding Rs 45 crore interest payments; bank ‘strongly rejects’ claims
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HDFC Bank’s shares fell about 2% on Wednesday after a newspaper report alleged the bank paid ₹45 crore (≈ $4.7 million) to the Maharashtra State Road Development Corporation to secure large deposits, a practice that would breach regulations prohibiting differential interest rates. The report claimed the payments were disguised as marketing expenses and that CEO Sashidhar Jagdishan was aware of them. The bank rejected the allegations, saying its internal monitoring and audit controls are robust and that it follows established norms before any final determination. The drop follows a 9.5% decline since part‑time chairman Atanu Chakraborty resigned on March 19, citing personal ethical concerns, and comes as a legal review of the allegations is still pending and the CEO’s three‑year term approaches its October expiry.
Read more: https://timesofindia.indiatimes.com/business/india-business/hdfc-bank-shares-drop-2-on-reports-of-probe-regarding-rs-45-crore-interest-payments-bank-strongly-rejects-claims/articleshow/131344798.cms
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