HDFC AMC Stock Declines 3.8% After Company Reports Cyberattack on IT Infra

The stock of HDFC Asset Management Company fell up to 3.8 percent on Monday after the company reported a cyberattack on its IT infrastructure.

The stock opened lower by 1.4 percent at Rs 2,662.85 compared to the previous close of Rs 2,703.10 apiece. The stock further declined to Rs 2,602.65 apiece, which was a discount of 3.8 percent compared to the last closing price of the stock on Friday.

The decline came after the company on Monday said that its IT infrastructure was hit by a cybersecurity attack.

The company found out about the incident after receiving communication from an anonymous source claiming that it had access to certain portions of its systems.

The company said that the incident occurred on May 16. It is promptly working to contain the incident by following protocols. The company has engaged a specialist firm to evaluate the extent of the potential impact on the systems.

The company said that the incident was not expected to have any material impact on its operations.

The latest cyberattack incident has come amid rising security risks for the country’s financial sector.

According to a report by The Economic Times, high-value cyber fraud incidents in India surged more than four times in the financial year 2024, leading to losses of about $20 million.

The number of cases involving amounts of Rs 1 lakh or more jumped to 29,082 from 6,699 in the previous year, underscoring the rapid escalation in scale.

The government and financial regulators such as the Reserve Bank of India and the Securities and Exchange Board of India have stepped up efforts to contain the threat.