Faruqi & Faruqi, LLP, a leading national securities law firm, is investigating potential claims against HDFC Bank Limited (““HDFC Bank Limited” or the “Company”) (NYSE: HDB) and reminds investors of the October 12, 2026 deadline to seek the role of lead plaintiff in a federal securities class action that has been filed against the Company.

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Faruqi & Faruqi is a leading national securities law firm with offices in New York, Pennsylvania, California and Georgia. The firm has recovered hundreds of millions of dollars for investors since its founding in 1995. See www.faruqilaw.com.

As detailed below, the complaint alleges that the Company and its executives violated federal securities laws by making false and/or misleading statements and/or failing 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 the Company’s own policies, including those that prohibit payments that could constitute improper inducement; (4) as a result of the foregoing, the Company’s interest income and operating expenses were overstated; and (5) as a result of the foregoing, Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis.

On March 18, 2026, HDFC filed a letter with the Bombay Stock Exchange and the National Stock Exchange of India Limited, reporting the resignation of Mr. Atanu Chakraborty from his roles as part-time Chairman and Independent Director of HDFC, with his resignation letter stating that “[c]ertain happenings and practices within the bank, that I have observed over last two years, are not in congruence with my personal Values and Ethics.” On this news, the price of HDFC’s American Depositary Shares (“ADS”) fell $2.09, or 7.28% to close at $26.62 per share on March 18, 2026, on unusually heavy trading volume.

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,” reporting 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, with the differential interest disguised as sponsorship payments, and that an internal probe concluded that over ten top officials bore responsibility, including HDFC’s CEO Sashidhar Jagdishan. On this news, HDFC’s ADS price fell $1.02, or 4.1%, to close at $23.78 per share on May 27, 2026, on unusually heavy trading volume.

The court-appointed lead plaintiff is the investor with the largest financial interest in the relief sought by the class who is adequate and typical of class members who directs and oversees the litigation on behalf of the putative class. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. Your ability to share in any recovery is not affected by the decision to serve as a lead plaintiff or not.

Faruqi & Faruqi, LLP also encourages anyone with information regarding HDFC Bank Limited’s conduct to contact the firm, including whistleblowers, former employees, shareholders and others.

To learn more about the HDFC Bank Limited class action, go to www.faruqilaw.com/HDB or call Faruqi & Faruqi partner Josh Wilson directly at 877-247-4292 or 212-983-9330 (Ext. 1310).

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Frequently Asked Questions (FAQ) for Investors Regarding the HDFC Bank Limited Securities Class Action Lawsuit:

What is the HDFC Bank Limited securities fraud lawsuit about?

The lawsuit alleges that HDFC Bank Limited engaged in a scheme to disguise payments as marketing expenditures in order to pay above-market interest rates to a state-owned entity, the Maharashtra State Road Development Corporation, to induce that entity to make large deposits with the bank. The complaint further alleges that these activities were approved by senior management, including HDFC Bank’s CEO, and that they likely violated applicable regulations as well as the Company’s own internal policies prohibiting improper inducements. As a result of this alleged conduct, the lawsuit contends that HDFC Bank’s reported interest income and operating expenses were materially misstated. Defendants’ positive public statements about the Company’s business, operations, and prospects were allegedly materially misleading and lacked a reasonable basis during the Class Period. The case centers on two disclosure events — a chairman’s resignation citing ethical concerns in March 2026, and a May 2026 investigative report — which allegedly caused significant declines in the price of HDFC Bank’s American Depositary Shares.

Who may be eligible to participate in the lawsuit?

Investors who purchased or otherwise acquired HDFC Bank Limited American Depositary Shares traded on the NYSE under the ticker symbol HDB between July 17, 2023 and May 26, 2026, inclusive, may be eligible to participate in this securities class action lawsuit. The class period encompasses the full timeframe during which Defendants allegedly made materially misleading statements about the Company’s business, operations, and financial results. Eligibility to participate in any potential recovery is not limited to those who apply to serve as lead plaintiff; class members who take no active role in the litigation may still share in any recovery that is obtained. Investors are encouraged to review their trading records for the relevant period to determine whether they purchased shares during the Class Period.

What is a lead plaintiff, and how can I seek appointment?

A lead plaintiff is a court-appointed representative who acts on behalf of all class members in directing the litigation, including making key decisions about litigation strategy and the selection of lead counsel. Any class member who suffered a loss on purchases of HDFC Bank ADS during the Class Period may move the court for appointment as lead plaintiff, and the court will typically appoint the movant with the largest financial interest who otherwise satisfies the requirements of applicable law. The deadline to file a motion for appointment as lead plaintiff is [deadline], and investors wishing to seek this role must act before that date. Importantly, investors are not required to seek appointment as lead plaintiff in order to be eligible to participate in any class recovery — the vast majority of class members recover without taking on this role.

Why should investors contact Faruqi & Faruqi, LLP?

Faruqi & Faruqi, LLP has represented investors in securities litigation for decades and has recovered hundreds of millions of dollars for shareholders. Investors who purchased HDFC Bank Limited securities during the Class Period may contact the firm to discuss their legal rights, potential claims, and the lead plaintiff process at no cost or obligation.

Attorney Advertising. The law firm responsible for this advertisement is Faruqi & Faruqi, LLP (www.faruqilaw.com). Prior results do not guarantee or predict a similar outcome with respect to any future matter. We welcome the opportunity to discuss your particular case. All communications will be treated in a confidential manner.

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