HDFC stock falls after Sebi imposes Rs 1 cr fine for violating directions
New Delhi: Shares of HDFC Bank on Friday fell by over 1 per cent in the late morning trade after Sebi imposed a penalty of Rs 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 Rs 1,453.35 apiece, falling 1.39 per cent over the previous close.
Likewise, on the NSE, the stock was trading at Rs 1,453.6, down 1.43 per cent.
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 per cent interest per annum into an escrow account till the issue of settlement of clients' securities is reconciled.