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Home >Companies >News >HDFC Bank stock slips over 2% after Sebi imposes 1 crore fine

Shares of HDFC Bank on Friday fell over 2 per cent after Sebi imposed a penalty of 1 crore for invoking securities pledged by stockbroker BRH Wealth Kreators in violation of the regulator's interim directions.

On the BSE, shares of the private lender ended at 1,443.65 apiece, falling 2.05 per cent over the previous close. Intra-day, it had hit a low of 1,440.7.

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

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

This story has been published from a wire agency feed without modifications to the text.

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