Mumbai: An internal probe at HDFC Bank, India's largest bank by market value, has found evidence that two senior executives disclosed confidential business strategies and possibly market-sensitive information to outsiders, according to a Bloomberg report published on Wednesday and cited by The Hindu BusinessLine, Storyboard18 and LatestLY, quoting people familiar with the matter.

Source: Bloomberg via The Hindu BusinessLine

The two executives oversee key businesses and functions at the bank, the report said. Their names have not been disclosed. According to the report, the investigation began after some senior leaders raised concerns that sensitive information might be leaking, the findings were shared with senior management including some board members earlier this year, and both executives have since been formally informed of the findings.

HDFC Bank has not confirmed the reported findings. A bank spokesperson acknowledged that an internal review is under way, saying: "In line with our policies, an internal review into this matter is currently underway to gather and evaluate all relevant facts. Appropriate action will be taken based on the findings, once the review is complete." The bank is still examining whether the information that was shared was misused, and it is not yet clear what disciplinary action, if any, will follow.

The report lands at a sensitive moment for the Mumbai-headquartered lender, which has a market value of about $115 billion — yaani roughly ₹11 lakh crore. Incoming chief executive Anup Bagchi, a veteran of the ICICI Group, is scheduled to take over on October 27, after incumbent Sashidhar Jagdishan decided not to seek another term following six years in the role. Storyboard18 reported that the bank's shares have fallen about 28 per cent this year amid the leadership changes.