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.
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.