IndusInd hit by Rs 2.1K cr audit lapse; shares nosedive 27%
IndusInd Bank on Tuesday fire fought the fallout of a Rs 2,100 crore discrepancy in accounting, saying it has enough reserves and capital to cover for it, but the management’s assurance failed to arrest the free fall of shares which tanked over 27 per cent on the bourses.
IndusInd Bank CEO and Managing Director Sumant Kathpalia said that the accounting lapse was noted around September-October last year and the bank gave a preliminary update to the RBI about this last week. The final number will be known after the external agency, which the bank has appointed, finalises its report by early April.
In a stock exchange filing, private sector lender IndusInd Bank on Monday disclosed that the bank has noted some discrepancies in its derivatives portfolio which could have an adverse impact of about 2.35 per cent of the bank’s net worth as of December 2024 as per its internal review.
Shares of IndusInd Bank nosedived 27.17 per cent to close at Rs 655.95 on the BSE. During the day’s trade, the stock had hit its one-year-low of Rs 649 a piece, down 28 per cent over Monday’s closing price of Rs 900.
