IndusInd Bank witnessed a significant 27% decline in its shares, plummeting to Rs 656 and wiping out a market value of Rs 19,000 crore. This sharp decrease was attributed to a Rs 2,100 crore derivatives accounting discrepancy, causing a 2.4% reduction in the bank’s net worth. Investor concerns regarding governance and risk management sparked apprehension, impacting similar small private banks in India such as Bandhan Bank and RBL.
IndusInd Bank shares plummet 27% on Rs 2,100 crore accounting issue, wiping out Rs 19,000 crore market value.
In Trend
Airtel teams up with Starlink for satellite broadband services, expanding coverage in India’s remote areas.
