Class-action suit planned as HDFC Bank is accused of misleading investors

US-based Rosen Law Firm on Monday said it plans to investigate potential securities claims against HDFC Bank following allegations of sharing "materially misleading business information" with investors.

HDFC Bank said it was not aware of any lawsuit and prima facie it looked "frivolous as we believe we have been transparent in our disclosures".

"Rosen law firm is preparing a securities lawsuit on behalf of HDFC Bank shareholders," the global investor right law firm said in a statement on its website.

Citing some news reports about alleged unfair business practices, and that the lender had also missed analysts' estimates on profits