IndusInd Bank Share Price Plunges 20% To Erase Rs 14,000 Crore In Market Value
IndusInd Bank Ltd.’s share price fell 20% during early trade on Tuesday to go below the lower band on the NSE, after the lender identified accounting discrepancies of 2.35% of its net worth as of December 2024 in its derivatives portfolio during an internal review.
This sparked a string of target price cuts from several brokerages for the bank’s stock amid fresh turmoil, days after the Reserve Bank of India allowed only a one-year extension to Chief Executive Officer Sumant Kathpalia.
The bank has appointed an external agency to review and validate its internal findings independently on the derivatives portfolio. The disclosure followed the Reserve Bank of India’s September 2023 guidelines on bond investment…
