HDFC Bank slides 3% on report of improper lending in vehicle finance unit

HDFC Bank slides 3% on report of improper lending in vehicle finance unit

Shares of HDFC Bank slipped 3 per cent to Rs 1,071.2 on the BSE on Monday after a Bloomberg report alleged that the bank was probing allegations of improper lending practices and conflicts of interests in its vehicle-financing operation. "The result of the investigation isn’t public, but it followed issues thrown up by an internal audit of the bank’s vehicle-dealer lending, as well as allegations of conflicts of interest in the purchase of global positioning systems for vehicles financed by the bank", the report said quoting unnamed sources.

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