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Last Updated : Sep 18, 2020 09:37 PM IST | Source: Moneycontrol.com

HDFC Bank shares trade lower after US law firms file class-action suit

The law firms have filed class-action suits against HDFC Bank, accusing the company of making false and misleading statements and for failing to maintain appropriate disclosure controls .

Shares of HDFC Bank were trading lower in the morning on BSE on September 18 on reports that the US-based Rosen Law and Schall Law firms had filed class-action lawsuits against the private lender.

The law firms have filed class-action lawsuits against HDFC Bank accusing the company of making false and misleading statements and for failing to maintain appropriate disclosure controls and internal controls on financial reporting.

Read more: Rosen Law, Schall file class-action suits against HDFC Bank in the US, allege lack of disclosure

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Moneycontrol technical rating for the day on the stock is very bearish, with moving averages and technical indicators being bearish.

However, the weekly technical rating is neutral with moving averages bearish and technical indicators bullish. The monthly technical rating is very bullish with moving averages and technical indicators being bullish.

HDFC Bank

At 11:25 hours, shares of the private bank were trading 0.52 percent down at Rs 1,077.65 on BSE.

The country’s second-largest private lender slashed its base rate by 55 basis points from 8.10 percent to 7.55 percent with effect from September 11.

On May 22, the bank reduced its base rate 55 basis points to 8.10 percent.

The base rate is the minimum rate set by the Reserve Bank of India, below which banks are not allowed to lend to its customers.

Disclaimer: The views and investment tips expressed by experts on moneycontrol.com are their own and not those of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.
First Published on Sep 18, 2020 11:35 am
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