Stocks

HDFC Bank stock falls after Sebi imposes ₹1 cr fine

PTI New Delhi | Updated on January 22, 2021

The private bank did not follow the directions by Sebi against BRH Wealth Kreators and other entities

Shares of HDFC Bank on Friday fell by over 1 per cent in the late morning trade after Sebi imposed a penalty of ₹1 crore for invoking securities pledged by stock broker BRH Wealth Kreators in violation of the regulator's interim directions.

On the BSE, shares of the private lender were trading at ₹1,453.35 apiece, falling 1.39 per cent over the previous close.

Likewise, on the NSE, the stock was trading at ₹1,453.6, down 1.43 per cent.

HDFC Bank penalises employee for wrongful share trading

In an order on Thursday, Sebi noted that the instant proceedings have essentially arisen on account of non-conformity by HDFC Bank with the directions contained in the interim order issued by Sebi against BRH Wealth Kreators and other entities on October 7, 2019.

In addition, the bank has been directed to transfer ₹158.68 crore along with 7 per cent interest per annum into an escrow account till the issue of settlement of clients' securities is reconciled.

Published on January 22, 2021

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