IndusInd Bank
The Reserve Bank of India on Saturday asked the Board of IndusInd Bank to complete the corrective action amid the revelations of a huge disturbance of Rs 2,100 crore in the accounting announced by the bank during the current quarter. IndusInd Bank revealed the disturbances in the accounting this week. This is estimated to have 2.35 percent impact on the bank’s net worth. Immediately after this revelation, there was a huge decline in the price of the bank shares. The RBI said in a statement that an external audit team has been appointed to make a comprehensive review of the system and assess the real impact.
RBI said- bank’s financial condition is stable
The central bank said, “The board and management have been instructed by the Reserve Bank to complete the fully corrective action during the January-March quarter after making necessary revelations to all the stakeholders.” The statement said that there is no need for depositors at this time to react to speculation. The central bank assured customers and investors that the financial situation of the bank remains stable and is closely monitoring it. IndusInd Bank said that there was an omission in the accounting around September-October last year and the bank had given preliminary information to the RBI last week. According to the bank, the final number will be known when the external agency appointed by the bank will finalize its report in early April.
The stock has fallen significantly
IndusInd Bank shares have declined significantly in the last few days. IndusInd Bank’s stock on BSE closed down on Thursday, the last trading day of the week. The stock closed at Rs 672.10 with a decline of 1.84 per cent or Rs 12.60. The 52 week high of this stock is Rs 1576. At the same time, 52 Week Low is 605 rupees. The company’s market cap is Rs 52,360.25 crore on BSE.
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