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RBI stepped in after Indusind 'delayed' provisioning by a yr
Business Standard
|March 12, 2025
Seeks CEO probables' names soon; bank mcap slips ₹19K cr
IndusInd Bank's alleged operational missteps, and the regulator asking it to declare its estimated losses to investors, culminated in the lender's stock crashing 27 per cent on Tuesday, with market capitalisation falling by ₹19,000 crore. Alleged non-compliance with accounting practices and a delay in rectifying discrepancies were held against the bank.
On Monday, IndusInd Bank informed the stock exchanges the estimated adverse impact due to the derivatives portfolio was 2.35 per cent of its net worth as of December 2024—the reason for the stock price plunge. The blow to share prices coincides with the Reserve Bank of India granting only one year's extension to the bank's managing director and chief executive officer, Sumant Kathpalia, despite the board approving a three-year reappointment, as informed by the bank on Friday. Banking sources said the board recommendation for a three-year extension did not seem to have been favoured by the regulator.
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