HDFC Bank Faces US Class Action Lawsuit Over Alleged Bribery Scheme

HDFC Bank is facing a securities class action lawsuit in the United States following allegations of a bribery scheme linked to the Maharashtra State Road Development Corporation (MSRDC) project.

The lawsuit, filed by investors, claims the bank failed to disclose material information regarding its internal controls, leading to significant stock price volatility and potential financial losses for shareholders.

HDFC Bank has officially dismissed the allegations as meritless, stating that it is cooperating with legal counsel to defend its position against the claims brought forward in the U.S. court.