Arun Khurana, the deputy CEO of India's IndusInd bank, resigned on Monday, weeks after the private lender revealed accounting irregularities in its derivatives portfolio that caused a sharp decline in its stock price.  In a letter to the board of IndusInd bank that was filed with the stock exchange, Khurana stated, "I having oversight of the Treasury Front office function, as the whole time director, Deputy CEO and a part of senior management of the bank, hereby resign, effective immediately," in response to recent accounting problems involving internal derivative trades.

Due to the improper handling of derivatives that date back several years, IndusInd, the fifth-largest private lender in india with a $63 billion balance sheet, announced on sunday that it would incur a $229.56 million damage to its accounts for the fiscal year that ended on march 31, 2025. IndusInd has calculated that the impact on its net worth as of december 2024 will be 2.27%, based on the results of an investigation conducted by an outside agency.

The bank's global markets business, which included the derivatives portfolio, was led by Khurana. Since the lender first revealed the impact of the disparities on its net value on march 10, IndusInd shares have dropped by over 8%.  


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SIBY JEYYA

29/04/2025 09:13 PM