HDFC Bank stock falls after Sebi imposes Rs 1 cr fine for violating directions

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Image Source : ANI

HDFC Bank stock falls after Sebi imposes Rs 1 cr fine for violating directions

Shares of HDFC Bank on Friday fell by over 1 percent in the late morning trade after Sebi imposed a penalty of Rs 1 crore for invoking securities pledged by stockbroker BRH Wealth Kreators in violation of the regulator’s interim directions.

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

Likewise, on the NSE, the stock was trading at Rs 1,453.6, down 1.43 percent. 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 Rs 158.68 crore along with 7 percent interest per annum into an escrow account till the issue of settlement of clients’ securities is reconciled.

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