IndusInd Bank Shares Surge 7% After PwC Assessment

New Delhi, Apr 16 (PTI) Shares of IndusInd Bank on Wednesday jumped over 7 per cent as the bank stated that external agency PwC has assessed a negative impact of Rs 1,979 crore on the bank's networth due to accounting lapses in the derivatives portfolio.

Rallying for the third day, the stock surged 7.12 per cent to settle at Rs 788.25 on the BSE. During the day, it jumped 7.94 per cent to Rs 794.35.

At the NSE, it climbed 7.11 per cent to Rs 788.25.

The stock was the biggest gainer among the Sensex and Nifty firms.

The company's market valuation surged by Rs 4,082.25 crore to Rs 61,408.97 crore.

IndusInd Bank on Tuesday said that accounting lapses in the derivative portfolio will have a negative impact of Rs 1,979 crore on the bank's networth.

The private sector lender last month reported the accounting lapses in the derivative portfolio estimated to have an adverse impact of approximately 2.35 per cent of the bank's net worth as of December 2024.

Following this, the bank appointed external agency PwC to assess the impact on the bank's balance sheet, lapses at various levels and suggest remedial action.

The agency in its report has quantified the negative impact of the above as of June 30, 2024, at Rs 1,979 crore, IndusInd Bank said in a regulatory filing.

The bank will appropriately reflect the resultant impact in the financial statements for 2024-25 and continue to take suitable steps to augment the internal controls relating to the derivative accounting operations, it added.