Indusind bank Archives -

IndusInd bank shares will be in focus today, new CEO announced after loss of 1960 crores

Admin — Tue, 05 Aug 2025 03:50:06 +0000

Indusind bank shares: Today IndusInd Bank shares will be in the focus of investors as the bank took a big decision late on Monday night and chose Rajiv Anand as his new MD and CEO. Due to this, the bank shares are likely to rise today. IndusInd Bank said in its exchange filing that Rajiv Anand’s term will start from 25 August 2025 and will remain till August 24, 2028. That is, he will take over the reins of the bank’s functioning for three years. Earlier, Rajiv Axis was the deputy MD in Axis Bank, where he saw the functioning of wholesale banking business and digital agenda.

Why was this appointment necessary?

This appointment is very important because IndusInd Bank is running without MD and CEO after Sumant Kathpalia resigned from his post in April this year. Sumant had announced this, taking the moral responsibility of the derivative portfolio accounting issue, due to which there was a huge decline in the bank shares. However, now the stocks have recovered from that level.

The bank suffered a huge loss of Rs 1960 crore due to wrong accounts of derivative transactions inside the bank. The bank incurred a loss of 2328.87 crore in the January-March 2025 quarter, which was the first time in the last 20 years.

Who was handling the work till now?

After Sumant’s resignation, the bank was being handled by a committee of senior officials, including Soumitra Sen, Head of Consumer Banking and Chief Administrative Officer Anil Rao. Here, Rajiv Anand has retired from the post of Managing Director of Axis Bank on 3 August. Now after getting approval from the Reserve Bank of India (RBI), the appointment of Rajiv Anand has been approved.

Rajiv has 35 years experience

59 years Rajiv Anand is a chartered accountant who has more than 35 years of experience in asset management, retail banking and wholesale banking. He was associated with Axis Group in 2009 as Founding Managing Director of Axis Asset Management Company. In 2013, he joined Axis Bank as the President of Retail Banking and later took over the job of wholesale banking division in 2018.

IndusInd Bank shares

IndusInd Bank shares closed at 803 with a 2.5 percent lead on Monday. The stock has come up from its 52-week lower level 606 to 33 percent, which fell after the issue of lapses in derivative accounting earlier this year. Global brokerage firm Jeferies has given IndusInd Bank ‘buy’ rating with a target price of 920, which shows a possible increase of 17 percent from the current level.

Also read:

The impact of Trump’s tariff, India’s export may decrease for the US; Revealed in GTRI report

Source link

The post IndusInd bank shares will be in focus today, new CEO announced after loss of 1960 crores appeared first on .

Private Sector Indusind Bank QR Results Net Loss 2329 Crore

Admin — Thu, 22 May 2025 02:59:51 +0000

Indusind Bank Q4 Results: This is the first time in two decades that IndusInd Bank has come into a quarterly form. The bank has described the frauds made by the employees for this as its responsible factor. Posting the bank, the bank said that there was a loss of Rs 2,236 crore between the last quarter of 2025 i.e. January and March, whereas the company had made a profit of 2,347 crores during this period a year ago.

Loss for the first time in 18 years

For the last few months, the news of fraud in the bank was coming out in the internal audit. The statement issued by IndusInd Bank on Wednesday said that the board suspects that some employees have a very suspicious role in accounting and financial matters. Sunil Mehta, chairman of the Board of Director of IndusInd Bank, says that the board and management believe that there were misses. He said that it has been unfortunate for an institution like us. However, the board and management have shown a strong resolution to solve all identified problems in a timely and broad manner.

The first case is related to the wrong accounting of the bank’s internal derivative trades, causing a huge loss of about Rs 1,966 crore by the bank by ending the financial year on March 31. This was revealed in March. In addition, earlier this month, the internal audit of the microfinance portfolio found that an amount of about Rs 684 crore was wrongly recorded in 3 quarters as interest income. The bank said that this entire amount was reversed in January.

Important role of bank employees

After both these incidents, cleanliness has started in the top leadership of the bank. CEO Sumant Kathpalia and Deputy CEO Arun Khurana resigned last month, as there were increasing questions on internal control and governance. The bank has said that in the results of Q4 (fourth quarter), the impact of all the discrepancies revealed through investigation so far is reflected. Amid regulatory surveillance and the possibility of strictness, IndusInd Bank is now under pressure to restore investors confidence and prove transparency.

IndusInd Bank said that the bank has shown properly recording the impact of all the discrepancies marked in the audit report when finalizing the March quarter and the financial year’s finance results. In March, the bank reported accounting flaws in the derivative portfolio, which is estimated to have an adverse effect of about 2.35 percent on the bank’s net property by December 2024.

Subsequently, the bank appointed the external agency PWC to assess the impact on the book, assess flaws at various levels and suggest corrective action. The agency in its report has estimated the negative impact of Rs 1,979 crore by June 30, 2024. After deepening the matter, the bank’s Chief Executive Officer (CEO) Sumant Kathpalia and Deputy CEO Arun Khurana resigned on 29 April.

Also read: Another evergreen friend of Pakistan comes in front after China-Turkiya, big business is with India

Source link

The post Private Sector Indusind Bank QR Results Net Loss 2329 Crore appeared first on .

Indusind Bank Scam 172.58 Crore Fraud in Indusind Bank Irregularities Continued for Three Quarters

Admin — Wed, 21 May 2025 14:50:19 +0000

Indusind Bank has recently revealed a large internal fraud case in its microfinance operations. According to the bank, the amount of 172.58 crores was incorrectly shown as “fees income”, which was recorded in three quarters of FY 2024-25. The layers of this fraud were opened when the bank’s internal audit team (IAD) and an external professional agency jointly investigated.

Disturbances continued for three quarters

The bank stated in the exchange filing that the IAD submitted its report on May 20, 2025, which found that 172.58 crore was wrongly recorded as income in three quarters till 31 December 2024. This amount was returned in the fourth quarter of FY 24-25.

Indusind’s quarterly losses for the first time in 18 years

Not only this, the bank also told that due to this scam, it has faced a quarterly loss for the first time in 18 years. The bank suspects that some employees are directly involved in this fraud, who intentionally made mistakes in the accounting.

Scam in derivative portfolio has been revealed earlier also

In March 2025, Indusind Bank also listened to the accounting laps in its derivative portfolio. At that time, its effect was stated up to 2.35 percent on the bank’s net worth. After this, the bank appointed PriecWaterhouseCoopers (PWC) so that it could analyze these disturbances in depth. According to the PWC report, by 30 June 2024, the total impact of these disturbances was 1,979 crore.

CEO and Deputy CEO resigns

Following this financial crisis, on 29 April, the bank’s CEO Sumant Kathpalia and Deputy CEO Arun Khurana resigned. After this, the bank board has formed an executive committee which will handle the operations of the bank until the new MD & CEO takes over.

595 crore ‘unsabsted balance’ and 674 crore interest scam

The internal audit team has not only received the fee income, but also found a suspicious amount of 595 crores in “other assets”, which has no concrete account. Not only this, the investigation of the bank’s microfinance portfolio also revealed that an interest of 674 crores was also wrongly recorded in three quarters.

Also read: RBI will slow down the pace of cash in banking system, has put 8.57 lakh crores in 6 months

Source link

The post Indusind Bank Scam 172.58 Crore Fraud in Indusind Bank Irregularities Continued for Three Quarters appeared first on .

Indusind Bank Said Its Financial Records by Wrongly Recording 674 Rupees Crore as Interest

Admin — Fri, 16 May 2025 03:13:09 +0000

Indusind bank: On May 16, 2025, everyone will have a special eye on the stock of IndusInd Bank in Mumbai of private sector and it can be seen today during business. The reason for this is that irregularities have been detected during the bank’s audit. IndusInd Bank has reported in the information on the stock market on Thursday that during the investigation of Microfinance Trade by its internal audit department, 674 crore rupees were accidentally shown in interest in three quarters of Financial Year 2025. But this mistake was rectified on 10 January 2025.

May 10, after giving information about this to the stock exchange from the bank, its shares saw a big decline in a day of 27 percent. Significantly, the matter has come to light when the bank’s MD and CEO Sumant Kathpalia and Deputy CEO Arun Khurana resigned due to the derivatives portfolio controversy.

IndusInd Bank audit report revealed disturbances

The roles of prominent employees have also been investigated in this regard. Back said that after receiving complaints of whistleblower about this, the audit committee of the board had asked the internal audit department to review the transactions registered in ‘other assets’ and ‘other liabilities’.

This was in addition to review of the micro finance business of the bank, whose information was given by the lender to the stock markets on 22 April. The bank said that the ‘Internal Audit Department has submitted its report on 8 May 2025, according to which, the bank’s’ other assets’ accounts had an amount without documentary proof of up to Rs 595 crore.

Bank told the stock market

It was adjusted with the same amount seen in ‘other liabilities’ accounts in January 2025. IndusInd Bank said that the Audit Department has also investigated the roles and works of prominent employees in this context. Earlier on April 22, the bank had said that as part of the process of finalizing the accounts, the bank’s audit department is reviewing the bank’s MFI business to investigate some concerns and the help of EY is also being taken in it.

Also read: Not only Turki supported Pakistan under stress against India, this big game is hidden behind it

Source link

The post Indusind Bank Said Its Financial Records by Wrongly Recording 674 Rupees Crore as Interest appeared first on .

Fast in Share Market, new record will be made in Sensex-NIFTY | Paisa Live

Admin — Mon, 21 Apr 2025 12:50:05 +0000

There is a tremendous boom in the stock market today. The Sensex is trading at a level of 79,550 with a gain of over 900 points, while the Nifty has touched a level of 24,178, leaping 330 points. Today’s top gainers include shares of Tech Mahindra, IndusInd Bank and Gayle, which have increased by 4-6%. The most important thing is that the bank Nifty has set a new record and has crossed 55,000 with a gain of 1,000 points. Apart from this, shares of IT and metal sector have also seen a boom. For complete information, watch the video by the end!

& nbsp;

"MT-3 W-Full Empty: Hidden">

& nbsp;

"absolute">

& nbsp; & nbsp;

Source link

The post Fast in Share Market, new record will be made in Sensex-NIFTY | Paisa Live appeared first on .