IndusInd chairman to step down in January amid shuffle

IndusInd Bank chairman Sunil Mehta will step down after his term concludes in January, two persons with direct knowledge of the matter said, marking the latest leadership change at the private lender.

- Reuters

The bank reported its largest-ever quarterly loss in the three months ended March 31, following a $230 million hit to its accounts, amid governance and accounting failures that prompted the departure of former chief executive officer (CEO) Sumant Kathpalia and deputy CEO Arun Khurana earlier this year.

IndusInd Bank’s board has faced criticism from investors over shortfalls in oversight and delay in disclosing the accounting lapses in its derivative portfolio, which led to the hit to the bank’s accounts.