GlobeNewswire Inc | Sep 9, 2020 08:00AM EDT

September 09, 2020

Click here to join the case

LOS ANGELES, Sept. 09, 2020 (GLOBE NEWSWIRE) -- The Portnoy Law Firm advises investors that a class action lawsuit has been filed on behalf of HDFC Bank, Limited ("HDFC Bank" or "the Company") (NYSE: HDB) investors that acquired securities betweenJuly 31, 2019 and July 10, 2020.

Investors are encouraged to contact attorney Lesley F. Portnoy, to determine eligibility to participate in this action, by phone 310-692-8883 or email, or click here to join the case.

The Economic Times reported on July 13, 2020 that HDFC Bank had "conducted a probe into allegations of improper lending practices and conflicts of interests in its vehicle-financing operations involving the unit's former head." On July 13, 2020, HDFC Bank's American depositary receipt price fell $1.37 per share, or 2.83%, on this news, to close at $47.02 per share.

HDFC Bank reported its financial results on July 19, 2020 for the first quarter of the Bank's 2021 fiscal year, reporting a deterioration in its asset quality and missing analyst estimates with respect to net profit.

Then, on August 6, 2020, the publication The Print reported that in July 2020, the Reserve Bank of India was informed by Experian Plcs Indian unit that "HDFC Bank has been late in providing details of its loans, including the repayment status of its millions of retail borrowers" and that "[s]uch tardiness has been an issue for about two years."

Please visit our website to review more information and submit your transaction information.

The Portnoy Law Firm represents investors in pursuing claims arising from corporate wrongdoing. The Firms founding partner has recovered over $5.5 billion for aggrieved investors. Attorney advertising. Prior results do not guarantee similar outcomes.

Lesley F. Portnoy, Esq.Admitted CA and NY Barlesley@portnoylaw.com310-692-8883www.portnoylaw.com

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