Kaplan Fox Encourages HDFC Bank Limited (HDB) Investors to Contact the Firm Before the Lead Plaintiff Deadline on October 13, 2026

Kaplan Fox & Kilsheimer LLP announces that a class action lawsuit has been filed against HDFC Bank Limited ("HDFC Bank" or the "Company") (NYSE: HDB) on behalf of investors that purchased or otherwise acquired HDFC Bank securities, including American Depositary Shares ("ADS"), between July 17, 2023 and May 26, 2026 (the "Class Period").

The complaint alleges that on May 27, 2026, The Indian Express published an article entitled "HDFC Bank 'camouflaged' crores as marketing spend to pay higher interest to state firm." The article reported that HDFC Bank had made covert payments of approximately "Rs 45 crore," or approximately $4.7 million USD, to the Maharashtra State Road Development Corporation ("MSRDC") to induce MSRDC to make large deposits with the Company. Reportedly, an internal probe in March and April 2026 flagged these payments and concluded that over ten top officials bore responsibility, including HDFC's CEO Sashidhar Jagdishan.

The complaint alleges, that throughout the Class Period, Defendants made false and/or misleading statements and/or failed to disclose that (1) HDFC Bank camouflaged payments as marketing spend to pay higher interest to a state firm in order to induce deposits; (2) these activities were approved by senior management; (3) these activities likely violated regulations and HDFC Bank's own policies, including those that prohibit payments that could constitute improper inducement; (4) as a result of the foregoing, HDFC Bank's interest income and operating expenses were overstated; and (5) as a result of the foregoing, defendants' positive statements about HDFC Bank's business, operations, and prospects were materially misleading and/or lacked a reasonable basis.

Further, the complaint alleges HDFC Bank's securities traded at artificially inflated prices during the Class Period as a result of these materially false and misleading statments and failures to disclose.