IndusInd Bank's Stock Plummets Amid Internal Audit Revelations
IndusInd Bank shares fell significantly after an internal audit revealed unsubstantiated balances of Rs 595 crore in 'other assets'. The audit, prompted by a whistleblower complaint, also examined employee roles in the issue. The bank plans to enhance internal controls and accountability procedures.
- Country:
- India
Shares of IndusInd Bank experienced a sharp decline on Friday, plummeting nearly 6% following revelations from its Internal Audit Department about unsubstantiated balances amounting to Rs 595 crore in its balance sheet's 'other assets' section.
The report, submitted on May 8, 2025, as a result of a whistleblower complaint, detailed that these balances were later offset against 'other liabilities' accounts in January 2025. The audit scrutinized the actions of key employees, and the Board is now implementing measures to improve internal controls and ensure accountability.
In light of these findings, the bank faces increased pressure to address these internal issues, which have significantly impacted its stock value on both the BSE and NSE.
(With inputs from agencies.)
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