HDFC Bank Stocks & Share Price Live Updates: HDFC Bank trades flat, bank denies Lilavati Trust’s allegation against its MD and CEO Sashidhar Jagdishan 

• 09:53 | June 9, 2025
  

  HDFC Bank share price live: Bank’s statement
  

  HDFC Bank Limited and its senior officials are being targeted by unscrupulous persons who are abusing the legal process to thwart the recovery of the long outstanding loan due to HDFC Bank from recalcitrant defaulters i.e Splendour Gems Limited (formerly known as Beautiful Diamonds Limited). 

  Splendour Gems Limited is a company owned by the Mehta family, defaulted on loan facilities granted by HDFC Bank along with the other consortium banks in 1995. 

  The outstanding dues towards HDFC Bank, including interest, amount to approximately INR 65.22 crore as on May 31, 2025. Despite a recovery certificate issued by the Hon’ble Debts Recovery Tribunal in 2004 and subsequent enforcement actions, the dues remain unpaid. Splendour Gems Limited also has been borrowings from other Banks / institutions. In response to ongoing recovery proceedings, members of the Mehta family have initiated multiple legal actions and complaints against HDFC Bank and its senior officials. These include criminal complaints, minority rights petitions, and representations to regulatory authorities—all of which have been dismissed or are under legal challenge. 

  HDFC Bank firmly believes that these allegations are retaliatory in nature and have mala fide intention solely at evading repayment of long-standing dues. Mehta Family, once again, through Lilavati Kirtilal Medical Trust, has filed a complaint against HDFC Bank, its MD & CEO and other senior officials. 

  HDFC Bank once again unequivocally rejects and strongly condemns the malicious and baseless allegations levelled and maintains that these allegations are completely false, outrageous and constitute a gross misuse of the legal process. 

  The Bank firmly believes that these actions are a deliberate attempt to obstruct and undermine legitimate recovery proceedings related to substantial long-outstanding dues owed by Splendour Gems Limited. 

  Having exhausted all legal avenues without success, these individuals have now resorted to launching personal attacks against the Bank and its MD & CEO in a clear attempt to malign their reputation and intimidate the Bank into halting its recovery actions. These actions appear to be a calculated distraction from their own failures and liabilities.

• 09:52 | June 9, 2025
  

  HDFC Bank share price live: Shares flat
  

  Shares of HDFC Bank traded flat on the NSE at ₹1,981.70 as at 9.50 am, after opening at ₹1,995 against the previous close of ₹1,978.70. 

  The bank has called the FIR against its MD and CEO Sashidhar Jagdishan “frivolous.”

• 09:50 | June 9, 2025
  

  HDFC Bank share price live:
  

  HDFC Bank has denied Lilavati Trust’s allegation that the bank’s MD and CEO Sashidhar Jagdishan was involved in a series of financial frauds. The allegation levelled by Lilavati Kirtilal Mehta Medical Trust (LKMM Trust), its trustees and officials against the bank’s MD and CEO are baseless and malicious, an HDFC Bank’s spokesperson said. The Trust, which oversees Lilavati Hospital in Mumbai, had called upon the board of HDFC Bank, the RBI, SEBI and the Finance Ministry to suspend Jagdishan from all executive and board roles with immediate effect. An FIR…was registered under orders of the Bombay Magistrate Court after a seized cash diary revealed Rs 14.42 crore misappropriated by trustees, of which Rs 2.05 crore was received by Jagdishan, establishing his direct involvement,” the Trust had alleged.

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Published on June 9, 2025