India's HDFC Bank drops, lender faces class action lawsuit in US

HDFC Bank

27/08/2026 06:22

** India's HDFC Bank HDBK.NS falls as much as 1.4% to 717.1 rupees
** Set for third straight session of losses
** Lender and its two senior executives face securities class action lawsuit in U.S. for allegedly making illegal payments worth $4.7 million to road development corporation of the western state ​of Maharashtra to draw large deposits
** Stock top drag on benchmark Nifty 50 .NSEI index, which is down 0.1%
** "The problems for the lender are multifold," says G Chokkalingam, founder and head of research at Equinomics Research, adding that lack of consistent industry-beating credit growth also weighing on stock
** In contrast to HDBK's drop, peers Axis Bank AXBK.NS, ICICI Bank ICBK.NS, and Kotak Mahindra Bank KTKM.NS up 0.5% to 2%
** YTD, HDBK down 27.4%, set for its biggest yearly drop since 2008 financial crisis
** Stock rated "Strong Buy" on average by 39 brokerage firms, median PT at 1,017.5 rupees, per data compiled by LSEG



 (Reporting by Vivek Kumar M)
 ((VivekKumar.M@thomsonreuters.com;))