IndusInd Bank Surges Amid Insider Trading Scandal
IndusInd Bank's stock rose over 2% following Sebi's ban on the former CEO and four officials for alleged insider trading. The company's shares emerged as top gainers despite regulatory actions including the impoundment of Rs 19.78 crore. The case stemmed from RBI's Master Direction impact.
- Country:
- India
IndusInd Bank experienced a significant stock price increase on Thursday, climbing over 2%, just a day after the Securities and Exchange Board of India (Sebi) barred its former CEO, Sumant Kathpalia, alongside four other senior officials. The ban was due to allegations of insider trading linked to the bank's shares.
The bank's stock settled at Rs 824.15 apiece on the BSE after jumping 2.41%. It reached a high of Rs 826.60 during the day's trading. On the NSE, the stock rose by 2.46% to close at Rs 825, becoming the top gainer among Sensex and Nifty companies.
The Sebi order, issued Wednesday, also impounded Rs 19.78 crore from the implicated executives. These officials include Arun Khurana, Sushant Sourav, Rohan Jathanna, and Anil Marco Rao, who allegedly engaged in insider trading based on unpublished price-sensitive information about the bank's derivative portfolio discrepancies.
(With inputs from agencies.)
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