IndusInd Bank Shares Surge: Assurance Given on Fraud Impact
IndusInd Bank's shares rose by 2% following assurances that past frauds will have no further financial impact. Despite a 72% drop in net profit for the June quarter to Rs 604 crore, the bank claims a robust recovery, resolving previous irregularities and focusing on improved governance and transparency.
- Country:
- India
Shares of IndusInd Bank climbed 2% on Tuesday after the bank assured that there will be no further financial impact from past frauds. This follows a significant 72% decline in net profit for the June quarter to Rs 604 crore compared to the previous year.
The bank has been grappling with issues related to alleged management irregularities in recognizing bad loans, leading to financial setbacks. IndusInd Bank had reported a substantial loss of Rs 2,329 crore for the prior March quarter, prompting a change in leadership.
Chairman Sunil Mehta stated that the bank has made a 'robust recovery' with 'clean and profitable' results. The new management is focused on resolving concerns, enhancing governance, and restoring the bank's performance potential.
(With inputs from agencies.)
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