HDFC Bank Denies Allegations as Governance Scrutiny Deepens (1)

India’s largest private sector lender HDFC Bank denied any wrongdoing and pushed back on a media report that alleged it paid higher interest to a state-owned company, a claim that wiped out about $3 billion in market value.

“We strongly reject any assumptions of wrongdoing or culpability based on selective material,” HDFC Bank said in a statement. The bank has “robust” internal oversight, audit, control processes and systems, it said.

Earlier in the day, the Indian Express newspaper reported that an internal probe conducted by the bank found about 450 million rupees ($4.7 million) was paid to the state-run Maharashtra ...