A key trait of the bats is the reduced fourth supplementary leaflet on the noseleaf, along with a lack of a fleshy elevation behind the posterior nose-leaf and the absence of white patches on the shoulders, which helps differentiate from similar species such as H. armiger and H. diadema.

The bat has been assessed by the IUCN as least concern, although the species is threatened in parts of its range by roost disturbance and collection for consumption and medicinal use.

Anderson considered the species to be restricted to Sri Lanka, but then also recorded it from Bhamo in Myanmar on the basis on two immature specimens.

Tate included lankadiva, unitus, indus, mixtus, and schistaceus in a ‘mainland offshoot of the diadema group' in 1941, but did not specify their taxonomic status.

This arrangement was followed by Corbet and Hill who considered the distribution of H. lankadiva as being confined to central and southern peninsular India and Sri Lanka.

The pelage ranges from pale cream to brown and is darker on the head and shoulders, being relatively paler on the belly.

The intermediate leaf is expanded, with an inflated and swollen central part, and an evenly concave surface.

The ears of the species are large and acutely pointed, and had their posterior margins slightly concave behind the tip.

Its diet is composed mainly of coleoepterans, especially scarabaeids, and other large, hard-bodied, and slow-flying insects, like nuptial ants and bugs.

The high proportion (79–100%) of beetles in the feces of these bats in Sri Lanka suggest that they forage for food selectively.

It roosts in caves, old disused tunnels, old temples, old forts, dark deep channels under dam sites and cellars under old buildings.