INDUSIND BANK DISCREPANCIES
IndusInd Bank brings Cyril Mangaldas for legal heft
This team would review and scrutinise external communications, including notices and reports from regulators, stock exchanges, and other stakeholders. It is also advising the bank on potential legal implications stemming from the audit reports submitted, sources said.
There is a crisis of confidence at IndusInd Bank. Should investors hit the panic button?
IndusInd Bank faces a crisis after its CEO resigned due to accounting irregularities. A loss of Rupees 1,959 crore was unearthed in internal derivative trades. Concerns arise about corporate governance standards. The stock value declined post disclosures. The RBI approved an interim team to manage operations. Investors worry about undisclosed risks in the microfinance portfolio.
Traders create fresh bearish derivative bets on IndusInd Bank
IndusInd Bank faces bearish sentiment as its CEO resigned amid forex derivative accounting discrepancies, leading to increased uncertainty. Derivative traders are creating short positions. The stock's future hinges on the profile of the new CEO, with analysts suggesting a private sector banker is crucial for rerating. Despite recent volatility, the stock trades near valuation lows.
IndusInd Bank crisis: CEO exits after Rs 1,959 crore loss disclosure - How bad is it?
IndusInd Bank faces turmoil as CEO Sumant Kathpalia resigns after the bank absorbs significant losses from incorrect accounting practices in its derivatives book. The discrepancies, revealed in March, raised concerns about corporate governance and audit oversight.
IndusInd accounting lapse row: CEO's exit may point to more issues, hit recovery, margins
IndusInd Bank faces uncertainty as CEO Sumant Kathpalia resigned following a ?1,960-crore loss due to derivatives discrepancies, raising concerns about delayed recovery and business disruptions. Analysts suggest appointing a private-sector banker as the new CEO to navigate challenges in key portfolios like vehicle finance and microfinance. The bank's asset quality is under pressure, with rising non-performing assets.
Panel to run IndusInd Bank till new CEO logs in
Following CEO Sumant Kathpalia's resignation amid derivatives portfolio discrepancies, the RBI has approved IndusInd Bank's interim "committee of executives," including Soumitra Sen and Anil Rao, to manage daily operations. This committee will function under board oversight until a new CEO is appointed or for a maximum of three months.
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IndusInd Bank constitutes committee of executives to run bank following CEO's resignation
Following CEO Sumant Kathpalia's resignation over a Rs 1,960 crore derivatives portfolio accounting lapse, IndusInd Bank's board has formed a 'committee of executives' to oversee operations. Approved by the RBI, this committee will function under the board's oversight until a new CEO is appointed or for three months.
Market has priced in pain; fresh leadership could drive IndusInd's rebuilding phase: Rahul Malani
I do not see any major negative reaction today. If there is this thing, then it should be a tactical idea to nimble in the stock because till the time the new CEO is appointed there will be various negative news flow plus that the stock would not react to that and so this is a very big uncertainty which has been removed as per our discussion with the investors community.
All about Sumant Kathpalia, who resigned from IndusInd Bank amid derivatives discrepancies row
Sumant Kathpalia, IndusInd Bank's MD and CEO, resigned amidst a derivatives portfolio controversy. The resignation follows the bank's disclosure of potential losses impacting its net worth due to incorrect accounting of internal derivative trades. Kathpalia took moral responsibility for the discrepancies, which led to distorted financials.
IndusInd Bank shares tumble 3% after management shakeout
IndusInd Bank faces a leadership crisis as MD & CEO Sumant Kathpalia resigns following accounting discrepancies in its derivatives portfolio, revealed after an independent investigation. The issues, involving incorrect accounting practices, led to a significant adverse impact on the bank's profit and loss account. The RBI had previously limited Kathpalia's tenure extension due to governance concerns.
Sumant Kathpalia resigns as IndusInd Bank CEO, takes 'moral responsibility' of the derivatives debacle
IndusInd Bank CEO Sumant Kathpalia resigned following the revelation of significant losses linked to misaccounted derivative trades, taking moral responsibility for the lapses. This leadership change comes after his deputy's departure and amid regulatory scrutiny, including RBI penalties and concerns about loan disbursement practices. Kathpalia's tenure, marked by both growth and regulatory challenges, faced repeated tenure adjustments by the RBI.
IndusInd Bank CEO steps down. Here's how the stock may react on Wednesday amid investor concerns
IndusInd Bank CEO: IndusInd Bank CEO Sumanth Katpalia has resigned amid accounting lapses in its derivatives portfolio, triggering investor distrust. The stock may face further pressure as pledged holdings add risk.
IndusInd Bank CEO Sumant Kathpalia quits after derivatives discrepancies row
Sumant Kathpalia resigned as MD and CEO of IndusInd Bank. This follows Arun Khurana's departure and RBI concerns. An investigation revealed incorrect accounting practices. These practices impacted the bank's profit and loss account. The impact is estimated at Rs 1,959.98 crore. This also affects the bank's net worth. The RBI had granted Kathpalia a one-year extension only.
IndusInd Bank shares in focus as Deputy CEO Arun Khurana resigns after derivatives probe
IndusInd Bank shares: In his resignation letter to the Board of Directors, Khurana referred to recent events affecting the bank’s profit and loss account, stemming from the misaccounting of internal derivative trades managed under his supervision in the Treasury Front Office.
IndusInd may slip into red in Q4 on derivative losses
On Sunday evening, IndusInd confirmed it would fully absorb the derivatives-related loss this quarter, following the conclusion of a board-mandated investigation into accounting irregularities in internal derivative transactions.
IndusInd Bank deputy CEO Arun Khurana resigns after probe confirms discrepancies in derivatives accounting
Arun Khurana, IndusInd Bank's Deputy CEO, resigned immediately following the discovery of incorrect accounting practices related to internal derivative trades under his oversight. An independent investigation revealed a cumulative adverse impact of Rs 1,959.98 crore on the bank's profit and loss. The bank will take action against responsible employees and realign senior management roles.
IndusInd to provide for Rs 1,960 cr losses in Q4, to take action against staff
Appointed firm submitted its report on April 26, determining that the cumulative adverse impact on the bank's profit and loss account stood at ?1,959.98 crore as of March 31, 2025, in line with earlier estimates disclosed on April 15.
IndusInd Bank to fix accountability, book Rs 1,960 cr loss in Q4 after derivatives probe
IndusInd Bank will penalize employees for lapses in its derivatives portfolio and reorganize senior management roles to enhance accountability. The bank will absorb a Rs 1,959.98 crore loss due to incorrect accounting in the March 2025 quarter. An independent probe revealed errors in internal derivative trades, leading to inflated profits and distorted financials.
IndusInd Bank shares in focus after clarification on engagement of EY for forensic audit
IndusInd Bank shares: The board of IndusInd Bank has engaged global professional services firm EY to conduct a second forensic audit. This audit aims to probe a Rs 600 crore discrepancy concerning the accrual of interest income within the bank’s microfinance portfolio.
Moody’s expected to announce IndusInd Bank rating decision within 2 months
Moody's is scrutinizing IndusInd Bank's risk management and leadership transition, following revelations of accounting discrepancies in forex derivatives. The review, initiated last month, aims to assess the bank's capabilities, with a decision expected within 90 days. An external report highlighted a potential ?1,979 crore negative impact as of June 30, 2024.
IndusInd ropes in EY to conduct another audit, to probe Rs 600 crore discrepancy in microfinance portfolio
IndusInd Bank has appointed EY to conduct a forensic audit into a ?600 crore discrepancy related to interest income in its microfinance portfolio, flagged during the statutory audit. This investigation aims to identify any lapses and determine accountability. It is separate from the ongoing Grant Thornton Bharat probe into forex derivatives portfolio irregularities.
IndusInd clarifies no forensic audit by EY, bank's internal department reviewing MFI business
IndusInd Bank clarified on Tuesday that it has not appointed EY for a forensic audit, contrary to media reports. Instead, EY is assisting the bank’s Internal Audit Department in reviewing certain records related to its microfinance business as part of the account finalization process. The internal review is ongoing.
IndusInd Bank shares slip 6% as lender onboards EY to audit Rs 600 crore discrepancy
IndusInd Bank share price fell over 6% after appointing EY for a second forensic audit into a Rs 600 crore discrepancy in its microfinance portfolio. This follows concerns raised by statutory auditors and ongoing probes into forex derivatives. Investor sentiment remains weak amid governance concerns and potential losses nearing Rs 2,000 crore.
IndusInd mystery: Now missing beats in 'Calypso' under scrutiny
Grant Thornton is investigating IndusInd Bank's treasury transactions, focusing on whether 'internal hedges' were properly recorded in the Calypso system. This probe follows a disclosed loss of ?1,979 crore due to accounting discrepancies in its derivative book. Auditors seek GT's endorsement of PwC's findings before finalizing annual accounts, under RBI pressure for early finalization.
IndusInd Bank names Santosh Kumar as Deputy CFO, relieves Arun Khurana
India's IndusInd Bank on Thursday named Santosh Kumar as its deputy CFO, with effect from April 18.Kumar will head the finance and accounts functions till IndusInd appoints a full-time CFO, the lender said, after deputy CEO Arun Khurana's term as finance chief ends.
IndusInd surges as derivatives loss estimates allay concerns
IndusInd stock ended 7.1% higher at ?788.3 on Wednesday, while the benchmark BSE Bankex rose 1.4%. IndusInd shares have gained over 14% in the past two trading sessions.
IndusInd Bank shares jump 6% after lower-than-expected impact flagged in audit of derivatives portfolio
In a post-market filing on Tuesday, IndusInd Bank disclosed that it had received a report from an external agency. This follows the bank’s earlier statement on March 10, 2025, where an internal review had estimated a potential adverse impact of around 2.35% on its net worth as of December 2024.
IndusInd says derivative losses at Rs 1979 crore based on PWC report
IndusInd Bank disclosed a Rs 1979 crore loss in its derivative portfolio due to account discrepancies, as revealed in a PWC report. The bank anticipates a 2.27% negative impact on its net worth by December 2024.
External agency flags Rs 1,979 crore discrepancy in IndusInd Bank's derivatives portfolio, net worth hit by 2.27%
An external agency has reported discrepancies in IndusInd Bank's derivatives portfolio estimating a negative impact of Rs 1,979 crore as of June 30, 2024. It has also projected a 2.27% post-tax reduction in its net worth for December 2024 due to these irregularities.
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