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IndusInd Bank: ICAI may look into bank's financial statements following accounting crisis
Business Today
·
4m ago
Medial
IndusInd Bank disclosed discrepancies in its derivative portfolio, potentially lowering its net worth by 2.35% as of December 2024. Consequently, its share price fell by 1.76% on the NSE. The Financial Reporting Review Board (FRRB) may refer this issue to the Institute of Chartered Accountants of India's (ICAI) disciplinary committee, which could take action against the auditors if the bank's financial statements fail to meet "true and fair" standards.
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IndusInd Bank’s accounting crisis under control, to be resolved soon: RBI Governor Sanjay Malhotra - BusinessToday
Business Today
·
2m ago
Medial
RBI Governor Sanjay Malhotra stated that IndusInd Bank's accounting issues are under control and should be resolved soon, following a SEBI crackdown on former executives for insider trading related to financial discrepancies. IndusInd Bank shares rose 5% after the announcement. Bank officials, including CEO Sumant Kathpalia, allegedly engaged in insider trading, avoiding losses of Rs 19.78 crore. SEBI has banned these individuals from dealing in securities and restricted their financial transactions.
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SEBI Probes IndusInd Bank Execs Over 'Egregious Violations'
StartupTalky
·
2m ago
Medial
The Securities and Exchange Board of India (SEBI) is investigating senior management of IndusInd Bank for possible accounting infractions amounting to INR 3,400 crore. The Reserve Bank of India (RBI) will conduct the main probe. IndusInd Bank revealed fraudulent activities impacting balance sheets, microfinance, and derivatives. The bank's financial results for March 2025 were severely affected, reporting a net loss of INR 2,329 crore. The bank faces challenges in restoring investor confidence following executive resignations.
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How IndusInd Bank's push for profits and lax controls drove it to a crisis
VCCircle
·
4m ago
Medial
IndusInd Bank's aggressive pursuit of profit growth led to significant financial troubles rooted in lax controls over derivative accounting, exposing a $175 million balance-sheet gap. The bank's missteps, hidden through unorthodox accounting practices, were exacerbated by the sharp depreciation of the rupee, prompting regulatory scrutiny. The Reserve Bank of India intervened, asking for leadership changes. While IndusInd remains financially stable, comprehensive investigations have been initiated to assess potential fraud or misstatements in accounts.
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HDFC Mutual Fund increases stake in IndusInd Bank despite stock plunging 32%
Business Today
·
4m ago
Medial
HDFC Mutual Fund has increased its stake in IndusInd Bank from 4.82% to 5.02% by acquiring an additional 0.20% of the bank's shares. This move comes amidst a significant 32% decline in IndusInd Bank's stock value in March 2025, due to accounting discrepancies affecting fourth-quarter results. Despite this, confidence remains in the bank's leadership. Concurrently, domestic institutional investment increased, while foreign portfolio investment decreased. Competitors include HDFC Bank and ICICI Bank.
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₹1,959.98 crore impact: Arun Khurana steps down as IndusInd Bank Deputy CEO with immediate effect
Business Today
·
3m ago
Medial
Arun Khurana resigned as IndusInd Bank's Deputy CEO due to accounting discrepancies worth ₹1,959.98 crore from internal derivative trades. An independent investigation revealed premature profit recognition. Consequently, derivative trading was stopped from April 1, 2024, and internal controls were strengthened. The financial impact will be reported in FY24-25 statements, with a formal disclosure made to stock exchanges on April 27.
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IndusInd Bank slumps 22% as accounting gap raises earnings concerns
VCCircle
·
5m ago
Medial
IndusInd Bank's shares plunged over 22% to a four-year low after revealing accounting discrepancies related to forex derivatives, potentially impacting earnings significantly. The bank identified a 2.35% hit to its net worth due to underestimated hedging costs from past transactions. Analysts predict a one-time financial hit and possible stock derating. The issue highlights weak internal controls and contributes to investor uncertainty amid broader financial challenges facing the bank.
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IndusInd Bank suspects employee fraud in accounting issues; posts quarterly loss
VCCircle
·
2m ago
Medial
IndusInd Bank reported its first quarterly loss in 18 years, attributing it partly to suspected employee fraud leading to accounting lapses. The bank, India's fifth-largest private lender by assets, faced a $230 million financial hit due to incorrect accounting of internal derivative trades. Additionally, an internal audit uncovered an $80 million recording error in its microfinance business, reversed in January. The bank's net loss for January-March was 22.36 billion rupees, contrasting with a profit a year earlier.
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IndusInd Bank recommends Borkar & Muzumdar as joint statutory auditor to shareholders after RBI nod
Economic Times
·
1m ago
Medial
IndusInd Bank has recommended the appointment of Borkar & Muzumdar as joint statutory auditors after receiving approval from the Reserve Bank of India. The appointment will be proposed to shareholders in the bank's 31st Annual General Meeting. The bank has been facing challenges, including fraud allegations and accounting lapses. Meanwhile, CEO Sumant Kathpalia has resigned, accepting moral responsibility. Despite difficulties, RBI Governor Sanjay Malhotra noted that IndusInd Bank is currently stabilizing.
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NFRA slaps notices on IndusInd Bank auditors
Economic Times
·
1m ago
Medial
India's accounting regulator, NFRA, has issued notices to current and former auditors of IndusInd Bank, seeking audit files related to alleged derivatives accounting irregularities. The probe focuses on potential misconduct in overstating profits or masking losses over five years. Questions arise regarding auditors' oversight and whether they ignored issues involving the bank's transactions. The investigation also includes the role of the bank's management and audit committee in overlooking discrepancies in derivative valuations and reporting.
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IndusInd Bank: Promoters will infuse capital into bank if and when required, says Ashok Hinduja
Business Today
·
4m ago
Medial
Ashok Hinduja, Chairman of IndusInd International Holdings Ltd (IIHL), stated that the promoters are committed to infusing capital into IndusInd Bank as and when needed. This support underscores the confidence in the bank's growth potential and financial health. Hinduja's assurance portrays a willingness to back the bank, ensuring it remains robust and well-capitalized to handle future opportunities and challenges, reinforcing stakeholders' trust in its stability and strategic direction.
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