HDFC Bank Shares Fall Over 2% After Report On Rs 45-Crore Interest Payment Probe
New Delhi, May 27: Shares of HDFC Bank fell more than 2 per cent on Wednesday after reports emerged about an internal vigilance probe linked to alleged interest payments worth Rs 45 crore made to the Maharashtra State Road Development Corporation (MSRDC).
HDFC Bank Shares Decline On NSE
At around 10:00 am, HDFC Bank shares touched an intraday low of Rs 761.25 on the NSE, marking a decline of over 2 per cent from the previous closing levels.
The fall came after reports suggested that the bank had internally investigated certain financial transactions related to deposits maintained by MSRDC during FY24 and FY25.
What Is The Alleged Issue?
According to reports, the payments were allegedly made as “differential interest” on deposits kept by MSRDC with HDFC Bank.
The report claimed that instead of directly crediting the additional interest amount to MSRDC’s account, the funds were allegedly routed through the bank’s marketing department and shown as expenditure for road safety awareness campaigns conducted through local vendors.
Internal Vigilance Probe Ordered
Reports stated that the bank’s Audit Committee ordered an internal vigilance inquiry on March 12, shortly before former chairman Atanu Chakraborty resigned on March 18.
The investigation reportedly examined whether there were violations of Reserve Bank of India deposit interest regulations and the bank’s internal anti-bribery and governance policies.
Senior Executives Reportedly Aware
The report further alleged that senior officials, including HDFC Bank MD & CEO Sashidhar Jagdishan, CFO Srinivasan Vaidyanathan and Chief Marketing Officer Ravi Santhanam, were aware of discussions regarding compensation linked to the interest gap.
Investigators reportedly also flagged concerns over vendor invoices connected to the alleged road safety campaign, citing incomplete documentation and verification issues.
No Official Response Yet
As per the report, HDFC Bank, the RBI and MSRDC had not officially responded to detailed media queries at the time of publication.
The development has triggered investor concerns over governance and compliance issues, contributing to pressure on HDFC Bank shares in early trading.
