IndusInd Bank Shares Plunge 5% on Accounting Discrepancies
IndusInd Bank shares plummeted over 5% after reports of accounting discrepancies in its derivatives portfolio. PwC's report is expected to reveal the extent of the issue and the bank's losses.
New Delhi, Mar 25 (PTI) Shares of IndusInd Bank tanked over 5 per cent on Tuesday following reports that external auditor PwC is likely to submit its report to the bank's board on Friday regarding accounting discrepancies in its derivatives portfolio.
The stock dropped 4.76 per cent to settle at Rs 637.30 apiece on the BSE. Intra-day, it tumbled 5.32 per cent to Rs 633.55.
On the NSE, it declined 5.12 per cent to Rs 635.15 a share.
The company's market valuation went lower by Rs 2,481.1 crore to Rs 49,649.14 crore.
PwC is likely to submit its report to IndusInd Bank's board on Friday regarding accounting discrepancies in its derivatives portfolio, sources said.
As per an estimate, Rs 2,100 crore discrepancy in accounting may impact 2.35 per cent of the bank's net worth.
The comprehensive report by PwC is expected to point out actual loss to the bank due to accounting discrepancies, lapses at various levels and remedial action, sources said.
Banking sector regulator, Reserve Bank had directed the board and the management of IndusInd Bank to take remedial action during the current quarter itself after making required disclosures to all stakeholders.
The current quarter comes to an end on March 31.
Meanwhile, the IndusInd Bank's board has also hired Grant Thornton to conduct a forensic audit into accounting lapses.
The stock dropped 4.76 per cent to settle at Rs 637.30 apiece on the BSE. Intra-day, it tumbled 5.32 per cent to Rs 633.55.
On the NSE, it declined 5.12 per cent to Rs 635.15 a share.
The company's market valuation went lower by Rs 2,481.1 crore to Rs 49,649.14 crore.
PwC is likely to submit its report to IndusInd Bank's board on Friday regarding accounting discrepancies in its derivatives portfolio, sources said.
As per an estimate, Rs 2,100 crore discrepancy in accounting may impact 2.35 per cent of the bank's net worth.
The comprehensive report by PwC is expected to point out actual loss to the bank due to accounting discrepancies, lapses at various levels and remedial action, sources said.
Banking sector regulator, Reserve Bank had directed the board and the management of IndusInd Bank to take remedial action during the current quarter itself after making required disclosures to all stakeholders.
The current quarter comes to an end on March 31.
Meanwhile, the IndusInd Bank's board has also hired Grant Thornton to conduct a forensic audit into accounting lapses.
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