HDFC Bank to be sued in America | Know what is the charge

 

America's Rosen Law Firm is set to sue India's private sector giant HDFC Bank. The US company may file a lawsuit against the private bank for allegedly misleading investors. Rosen Law Firm said on Monday that it plans to investigate potential claims related to securities against HDFC Bank. In this context, HDFC Bank says that it is not aware of the case and prima facie it seems to be a mild matter as the bank believes that it is transparent in making the information public. After this news, the value of HDFC Bank's American Depository Receipt (ADR) share lost 2.83 per cent. The bank's ADRs are listed on the New York Stock Exchange (NYSE).

 

On a global level, the legal company has issued a statement on its website saying, "Rosen Law Firm is set to file securities-related litigation on behalf of HDFC shareholders". Rosen Law Firm wrote quoting media reports related to the allegedly unfair practice of the business, that the bank's profit in the first quarter has not been in line with analyst estimates. The legal company said it would investigate potential securities claims on behalf of shareholders of HDFC Bank Limited.

 

Last year, Rosen Law filed a similar lawsuit against giant IT company Infosys. The lawsuit was filed by the legal company after a whistleblower accused some of the top people associated with Infosys management of irregularities, which was dismissed in May this year. The legal company has written, "If you have purchased HDFC Bank securities, then please visit the company's website to join the securities action."

 

 The country's largest private bank has reported a 22 per cent increase in integrated income to Rs 6,927 crore in the first quarter of the current financial year.