RBI soothes worries over governance at HDFC Bank

In a rare move, the regulator stepped in to assure the financial markets that "there are no material concerns on record" with regard to HDFC Bank's "conduct or governance."The markets, however, seemed to have paid little heed to the reassuring management commentary. The stock fell as much as 8.4% intraday but pared losses to slump 5.1% after the RBI issued its statement. HDFC Bank, which has about a 15% weight on the Sensex, contributed to broader declines; the Sensex ended 3.3% lower at 74,207.24. HDFC Ba ...