Moneycontrol

Budget 2023Budget 2023

PARTNERS

  • Tata AIA Life Insurance
  • Hafele
  • Motilal Oswal
  • SMC Global Securities Limited
  • SBI Life
  • DSP Mutual Fund
Upcoming Event : LeapToUnicorn - mentoring, networking and fundraising for startups. Register now

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 .

September 18, 2020 / 09:37 PM IST

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

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