Portnoy Law Firm Announces Class Action on Behalf of HDFC Bank Limited Investors

LOS ANGELES, Sept. 01, 2026 (GLOBE NEWSWIRE) -- The Portnoy Law Firm advises HDFC Bank Limited, (“HDFC” or the "Company") (NYSE: HDB) investors of a class action on behalf of investors that bought securities between July 17, 2023 - May 26, 2026, inclusive (the “Class Period”). HDFC investors have until October 17, 2026 to file a lead plaintiff motion.

Investors are encouraged to contact attorney Lesley F. Portnoy, by phone 310-692-8883 or email: lesley@portnoylaw.com, to discuss their legal rights, or join the case via https://portnoylaw.com/hdfc-bank-limited. The Portnoy Law Firm can provide a complimentary case evaluation and discuss investors’ options for pursuing claims to recover their losses.

The HDFC class action lawsuit alleges that defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose that: (i) HDFC camouflaged payments as marketing spend to pay higher interest to a state firm in order to induce deposits; (ii) these activities were approved by senior management; (iii) these activities likely violated regulations and HDFC’s own policies, including those that prohibit payments that could constitute improper inducement; (iv) as a result of the foregoing, HDFC’s interest income and operating expenses were overstated; and (v) as a result of the foregoing, defendants’ positive statements about HDFC’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis.

According to the complaint, on March 18, 2026, HDFC allegedly filed a letter with the Bombay Stock Exchange and the National Stock Exchange of India Limited, reporting the resignation of Atanu Chakraborty from his roles as part-time Chairman and Independent Director of HDFC. The HDFC class action lawsuit further alleges that the HDFC letter attached Mr. Chakraborty’s resignation letter, which stated that “[c]ertain happenings and practices within the bank, that I have observed over last two years, are not in congruence with my personal Values and Ethics. This is the basis of my aforementioned decision.” On this news, the price of HDFC’s American Depositary Shares (“ADSs”) fell more than 7%, according to the complaint. 

On May 27, 2026, The Indian Express published an article entitled “HDFC Bank ‘camouflaged’ crores as marketing spend to pay higher interest to state firm.” The article allegedly reported that HDFC had made covert payments of approximately “Rs 45 crore,” or approximately $4.7 million USD, to the Maharashtra State Road Development Corporation (“MSRDC”) to induce MSRDC to make large deposits with HDFC. The complaint alleges that HDFC offered 6.01% interest to MSRDC, a 2.51% markup over the interest offered to other savings accounts, and paid that markup by “disguis[ing] [it] as sponsorship payments for a road safety awareness campaign run by MSRDC.” The complaint further alleges that reportedly, an internal probe in March and April 2026, concluded that over ten top officials bore responsibility, including HDFC’s CEO Sashidhar Jagdishan. On this news, the price of HDFC ADSs fell more than 4%, according to the complaint.

The Portnoy Law Firm represents investors in pursuing claims caused by corporate wrongdoing. The Firm’s 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, NY and TX Bar
lesley@portnoylaw.com
310-692-8883
www.portnoylaw.com

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