IndusInd Bank shares saw a huge decline in the price.
Private sector IndusInd Bank said on Thursday that HDFC Mutual Fund’s stake in the bank has crossed 5 percent. This increase has happened because the Fund House has bought an additional 15.92 lakh shares from the market. According to PTI news, the growth in stake was a day after the IndusInd Bank announced a huge disturbance of Rs 2,100 crore in the accounting, which has an estimated 2.5 percent impact on the bank’s total assets. Soon after this revelation, there was a huge decline in the price of the bank shares.
There were 77.9 million shares at late March 11
According to the news, the bank said in a regulatory filing that by the end of the business time on March 11, 2025, the total stake of HDFC Mutual Fund Scheme in IndusInd Bank was 5. 02 percent of the company’s paid equity capital. After purchasing an additional 0. 20 percent stake, HDFC Mutual Fund had 77.9 million shares at the end of March 11 through its various schemes.
IndusInd Bank shares fall by 1. 84 percent
Before purchasing a stake, HDFC Mutual Fund stake was 4. 82 percent, but with additional share purchases, the stake increased to 5. 02 percent. However, it was not revealed in the filing at what price the Fund House bought shares. IndusInd Bank shares on BSE fell by 1. 84 percent to close at Rs 672. 10.
The IndusInd Bank had said that an accounting was detected in the accounting around September-October last year and the bank had given preliminary information to the RBI last week. The final number will be known when the external agency appointed by the bank will finalize its report in early April. Discrepancy in the Treasury Business of IndusInd Bank did not pay attention to internal, legal and compliance as well as several audit by RBI.
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