IndusInd Bank shares fall 6% on reports of second audit into microfinance interest discrepancy

Earlier this month, IndusInd Bank also enlisted PwC to carry out an independent review of its forex derivatives accounting. That report estimated potential losses at Rs 1,979 crore—significantly higher than the initial estimate of Rs 1,600 crore.

Reports noted that PwC’s findings were accompanied by substantial disclaimers. The projected losses represent approximately 3.1 percent of the bank’s net worth as of the date of the report.

Separately, IndusInd Bank has announced a key corporate restructuring move. The bank has promoted Santosh Kumar to the role of Deputy Chief Financial Officer (CFO) ahead of its fourth-quarter earnings. Kumar will take over from interim CFO Arun Khurana, who had assumed the role in January while continuing to head treasury operations.

Since March 10—when the bank first disclosed the irregularities in its derivatives portfolio—IndusInd Bank’s stock has declined by 11 percent. However, in the past five trading sessions, the stock has rebounded sharply, gaining 16 percent, as investor sentiment improved in response to the bank’s prompt steps to address and investigate the issue.

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