HDFC Bank shares edged lower on Thursday after a Bloomberg story surfaced that two senior executives might have leaked confidential business strategies.
The bank’s spokesperson said the review is underway and that no comment can be made until the findings are finalized.
In a statement released at 10:15 a.m., the spokesperson added that the bank would take action “based on the findings” and that the investigation is aimed at protecting the integrity of the process.
Bloomberg’s report noted that the internal investigation began after concerns were raised earlier this year and that the findings were already reported to senior management, including board members.
The spokesperson reiterated that the bank remains committed to its code of conduct and that any potential violations will be dealt with seriously.
Investors are watching closely as the market weighs the implications of a governance breach at a major lender. The bank’s next step will be to disclose the outcome of the probe, which could influence investor sentiment and the bank’s credit rating agencies’ outlook.