HDFC Bank shares slide 2.08% to ₹712 amid unease
HDFC Bank's stock slid 2.08% on Thursday, closing at ₹712, quite a drop from last year's high.
The fall comes as the bank faces growing legal headaches, including a proposed US class-action lawsuit over alleged illegal payments and fresh customer complaints about mis-sold products.
All this, plus uncertainty around who will lead the bank next, has investors feeling uneasy.
HDFC Bank faces US lawsuit, mis-selling
The US lawsuit claims HDFC Bank made improper payments to secure big deposits, something the bank firmly denies and says it will fight.
Meanwhile, more than 75 customers have accused the bank of mis-selling investment products through its Dubai arm; HDFC insists it doesn't advise on those deals.
On top of that, leadership is in flux: with the part-time chair gone since March and CEO Sashidhar Jagdishan's term ending soon, there are real questions about what comes next.