IndusInd Bank Stock crashed 23% as profit could be impacted by Rs 1500 crore
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IndusInd Bank Stock crashed almost 23% today After the bank reported Liability accounts of the derivative portfolio.
During internal review of processes relating to Other Asset and Other Liability accounts of the derivative portfolio, post implementation of RBI Master Direction – Classification, Valuation, and Operation of Investment Portfolio of Commercial Banks (Directions), 2023 issued in September 2023, including the accounting of Derivatives, applicable from April 01, 2024, Bank noted some discrepancies in these account balances.
Bank’s detailed internal review has estimated an adverse impact of approximately 2.35% of the Bank’s Net worth as of December 2024. The Bank has also, in parallel, appointed a reputed external agency to independently review and validate the internal findings. A final report of the external agency is awaited and the basis on which the Bank will appropriately consider any resultant impact in its financial statements.
IndusInd Bank has almost ₹65,102 crore net worth and 2.35% of that stands at ₹1,530 crore impact.
