HDFC Mutual Fund Increases IndusInd Bank Stake to 5%

New Delhi, Mar 13 (PTI) IndusInd Bank on Thursday said that the holding of HDFC Mutual Fund in the bank has crossed 5 per cent as the fund house purchased an additional 15.92 lakh shares from the market.

The stake increase comes a day after IndusInd Bank announced a whopping Rs 2,100 crore discrepancy in accounting with an estimated impact of 2.35 per cent of the bank's net worth. Soon after the disclosure, a massive price correction in the bank's shares was witnessed.

The aggregate holding of HDFC Mutual Fund Scheme in IndusInd Bank as of the close of business hours on March 11, 2025, was 5.02 per cent of the paid up equity capital of the company, the bank said in a regulatory filing.

Following an additional 0.20 per cent stake purchase, HDFC Mutual Fund through its various schemes had 77.9 crore shares at the end of March 11, it said.

Prior to the stake purchase, HDFC Mutual Fund's holding was 4.82 per cent but with an additional share purchase, the holding rose to 5.02 per cent.

The filing however did not disclose at what price the fund house bought shares.

Shares of IndusInd Bank closed at Rs 672.10, down by 1.84 per cent on the BSE.

IndusInd Bank had 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.

The discrepancy in IndusInd Bank's treasury business went unnoticed despite multiple audits like that of internal, statutory, and compliance, as well as by the RBI.