Stock to watch: IndusInd Bank shares to be in focus on Monday; Here’s why | Stock Market News
Source: Live Mint
Shares of IndusInd Bank have tumbled 33 per cent in March and 29 per cent year-to-date (YTD). IndusInd is India’s fifth-largest private lender. On March 10, it disclosed that its derivatives portfolio was overvalued by around 2.35 per cent – after non-compliant internal trades. It noted discrepancies in its derivatives portfolio, which could result in a one-time loss of ₹2,000 crore in the March quarter.
IndusInd Bank has denied media reports claiming that the Reserve Bank of India (RBI) has urged the private lender’s CEO, Sumant Kathpalia and deputy CEO, Arun Khurana, to step down from their respective board positions after the private lender came under RBI’s radar for significant accounting lapses. In a statement, IndusInd Bank termed the reports as ‘factually inaccurate.’
