GlobeNewswire Inc | Aug 15, 2020 11:53PM EDT

August 16, 2020

NEW YORK, Aug. 15, 2020 (GLOBE NEWSWIRE) -- Pomerantz LLP is investigating claims on behalf of investors of HDFC Bank Limited (HDFC or the Company) (NYSE:HDB). Such investors are advised to contact Robert S. Willoughby at newaction@pomlaw.com or 888-476-6529, ext. 7980.

The investigation concerns whether HDFC and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.

[Click here for information about joining the class action]

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

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

Then, on August 6, 2020, the publication The Print reported that in July 2020, Experian Plcs Indian unit had informed the Reserve Bank of India 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.

The Pomerantz Firm, with offices in New York, Chicago, Los Angeles, and Paris is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com.

CONTACT:Robert S. WilloughbyPomerantz LLPrswilloughby@pomlaw.com888-476-6529 ext. 7980