It's a moisture indicator. If it's red, the phone has been wet and/or exposed to moisture, warranty is void. Normally the dot is white. Is the HTC still working?
Whereabout is the red dot? Whilst the phone itself might not have been wet, it can turn red if it's been in a particularly humid environment which is unfortunate. I speak from experience (not with a HTC though).
It is just a way for phone companies to deny your insurance claim. There was a huge controversy a few years ago with the iPhone's indicator. They were so sensitive that sweat from your face during a call was enough to turn it red.
or, are you talking about a red dot on the screen? That's a dead pixel.
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