IndusInd Bank Shares Surge After CEO Departure: A New Era of Accountability
Shares of IndusInd Bank rose by 2.50% following the resignation of MD and CEO Sumant Kathpalia, characterized as a significant accountability measure by RBI Governor Sanjay Malhotra. The bank has faced recent challenges, including microloan exposure and accounting lapses, leading to its worst quarterly loss.
- Country:
- India
On a promising note for IndusInd Bank, shares climbed 2.50% after RBI Governor Sanjay Malhotra expressed confidence in the firm despite recent challenges. The growth comes after the resignation of MD and CEO Sumant Kathpalia, seen as a step towards accountability amid turmoil.
The bank's stock settled at Rs 823.20 on BSE and showed a 5.32% intra-day jump, also rising 2.44% on the NSE. Malhotra reassured stakeholders that the bank had met regulatory demands after past difficulties tied to microloan exposures and accounting oversights.
While IndusInd posted a significant Rs 2,329-crore loss, marking its worst quarter, the firm is taking corrective steps in accounting practices. Malhotra stated the importance of accountability and that the RBI remains committed to ensuring compliance and potential action against any malpractice.
(With inputs from agencies.)
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