HDFC Bank shares in focus amid loan record, bribery allegations by Lilavati Trust

Economic Times

a day ago

HDFC Bank shares: The trust that runs the renowned Lilavati Hospital in Mumbai has claimed that the bank has given inconsistent figures regarding a single loan—first stating it as ₹4.8 crore, then ₹450 crore, and now ₹65.22 crore—without providing any formal loan agreement or ledger as evidence.
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HDFC Bank share price performance
Shares of HDFC Bank are expected to be in focus on Thursday after the Lilavati Kirtilal Mehta Medical Trust (LKMM Trust) leveled serious allegations against the bank and its MD & CEO, Sashidhar Jagdishan, citing inconsistencies in loan records and allegations of bribery.The trust, which operates the well-known Lilavati Hospital in Mumbai, has alleged that the bank has made conflicting statements about a single loan amount—initially quoting Rs 4.8 crore, then Rs 450 crore, and now Rs 65.22 crore—without producing any official loan agreement or ledger.The Trust has maintained that it has never taken any loan from HDFC Bank.Further, the Trust alleged that a bribe of Rs 2.05 crore was paid to the bank's CEO to assist another group in remaining in control of the Trust.HDFC Bank has denied all allegations, stating they are false, malicious, defamatory, and devoid of any truth.The bank reiterated that neither it nor its CEO has engaged in any illegal or unethical conduct. The bank said it is concerned about its stakeholders and is on the verge of taking strong legal action, as per expert advice, against those who are initiating these baseless allegations with malicious and ulterior motives, or are involved in propagating the same.Over the past one year, the shares of HDFC Bank have gained 24.59%, while the year-to-date (YTD) return stands at 9.38%. In the last 6 months, the stock has appreciated by 4.61%, and in the most recent 3-month period, it has delivered a strong gain of 15.71%. Over the past 1 month, the stock has risen by 3.20%. HDFC Bank shares closed 0.8% lower at Rs 1,949.60 on the BSE on Wednesday.: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)