Hagens Berman said a securities fraud class action is pending against HDFC Bank Limited and certain senior executives, including Chief Executive Officer Sashidhar Jagdishan and Chief Financial Officer Srinivasan Vaidyanathan. The lawsuit alleges HDFC secretly paid approximately Rs 45 crore, or about $4.7 million, to the Maharashtra State Road Development Corporation (MSRDC) to induce large deposits, disguising the payments as sponsorship contributions for a road safety campaign. The allegations include providing MSRDC a 6.01% interest rate, a 2.51% markup over standard retail savings accounts, in violation of Reserve Bank of India directions and HDFC's internal anti-bribery policies. The complaint further alleges that the conduct overstated interest income and operating expenses and made the bank's public statements and financial controls misleading. HDFC's American Depositary Shares fell 7.28% after the March 18, 2026, disclosure of Atanu Chakraborty's resignation and declined another 4.1% after a May 27 report on the alleged payments. Investors who acquired HDFC securities during the class period may seek lead-plaintiff appointment by October 13, 2026.