HDFC Bank stock slips over 2 pc after Sebi imposes Rs 1 cr fine

Shares of HDFC Bank on Friday fell over 2 per cent 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 ended at Rs 1,443.65 apiece, falling 2.05 per cent over the previous close. Intra-day, it had hit a low of Rs 1,440.7.

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Similarly, on the NSE, the stock closed the counter at Rs 1,444.35, down 2.06 per cent.

During the trading session, it had hit a low of Rs 1,440.15.

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.

The story has been taken from a news agency