IndusInd Bank Shares Plummet Amid Accounting Discrepancy Concerns

Shares of IndusInd Bank fell over 5% amid reports of potential accounting discrepancies in its derivatives portfolio, with PwC set to submit its findings. The decline toppled market valuation by Rs 2,481.1 crore. Regulatory bodies have urged necessary corrective actions.

Shares of IndusInd Bank experienced a significant drop on Tuesday, declining by more than five percent due to emerging concerns over accounting discrepancies within its derivatives portfolio.

The audit, conducted by PwC, is anticipated to present its findings to the bank's board, addressing potential issues within the portfolio and estimating a Rs 2,100 crore discrepancy that could affect 2.35% of the bank's net worth.

This development led to a reduction in market value by Rs 2,481.1 crore, prompting regulatory bodies like the Reserve Bank to demand immediate remedial measures from the bank's management, coupled with an additional forensic audit by Grant Thornton.

(With inputs from agencies.)