Everyone will have a special eye on the shares of Mumbai-based private sector IndusInd bank on May 16, 2025 and it may be affected during trading today. The reason for this is that irregularities have been detected during the audit of the bank. IndusInd bank has informed the stock market on thursday that during the investigation of microfinance trade by its internal audit department, Rs 674 crore was mistakenly shown as interest in the three quarters of the financial year 2025. But this mistake was rectified on january 10, 2025.
On May 10, after the bank informed the stock exchange about this, its shares saw a huge decline of 27 percent in a day. It is worth noting that this matter has come to light at a time when the bank's MD and CEO Sumant Kathpalia and Deputy CEO Arun Khurana resigned due to the derivatives portfolio dispute.
Irregularities revealed in IndusInd Bank's audit report
The roles of key employees have also been investigated in this regard. The bank said that after receiving a whistleblower complaint in this regard, the audit committee of the board had asked the internal audit department to review the transactions recorded in 'other assets' and 'other liabilities'.
This was in addition to the review of the bank's microfinance business, which the lender informed the stock markets on april 22. The bank said that 'the internal audit department has submitted its report on May 8, 2025, according to which, there was an amount of up to Rs 595 crore without documentary evidence in the 'other assets' accounts of the bank.
The bank told the stock market
This was adjusted against the same amount appearing in 'other liabilities' accounts in january 2025. IndusInd bank said that the audit department has also examined the roles and functions of key employees in this context. Earlier on april 22, the bank had said that as part of the process of finalizing the accounts, the audit department of the bank is reviewing the MFI business of the bank to investigate some concerns and EY's help is also being taken in this..jpg)
click and follow Indiaherald WhatsApp channel