Indusind Bank Ltd

In a clarification shared today, the bank said, the Bank has not engaged EY for a forensic audit as reported. As a part of the process of finalization of accounts, the Bank's Internal Audit Department (IAD) is conducting a review of the Bank's MFI business to examine certain concerns which have been brought to the Bank's attention. The lender emphasized that EY has been brought in solely to assist the Internal Audit Department in reviewing certain records of the Bank and added that the review by the bank is ongoing. The clarification comes in response to media reports that triggered a sharp 4.88% fall in the bank's share price, dragging it down to Rs 787.65 today. Reports surfaced earlier today suggesting that IndusInd Bank had appointed EY for a second forensic probe'this time into a Rs 600 crore anomaly in its microfinance portfolio. The discrepancy, believed to be linked to interest income accruals, reportedly emerged during the statutory audit for the previous financial year. Sources cited in the reports claimed that statutory auditors had issued an alert under Section 143(12) of the Companies Act, 2013'a provision invoked when fraud is suspected. This, in turn, prompted the bank to deepen its review process. Importantly, this internal review is unfolding alongside a separate ongoing forensic audit by Grant Thornton Bharat, which is investigating irregularities in the bank's forex derivatives operations. While initial findings suggest the microfinance discrepancy may be limited to just a couple of quarters and not a multi-year issue, the back-to-back revelations have reignited concerns over the bank's internal controls, governance standards, and accounting oversight. For now, the bank is holding its ground'asserting transparency and cooperation'while markets await further clarity from the internal audit's findings. IndusInd Bank offers a wide range of products and services for individuals and corporates, including microfinance, personal loans, personal and commercial vehicle loans, credit cards and SME loans. The bank's standalone net profit declined 39% to Rs 1,401.28 crore while total income increased 8.5% YoY to Rs 15,151.01 crore in Q3 FY25 over Q3 FY24. Powered by Capital Market - Live

The development has raised fresh questions over the bank's governance and accounting practices. According to media reports, the discrepancy'related to the accrual of interest income'was discovered during the ongoing statutory audit for the previous financial year. The statutory auditors allegedly issued an additional communication under Section 143(12) of the Companies Act, 2013, prompting the bank to launch a further investigation via EY. This audit comes on top of an ongoing forensic probe by Grant Thornton Bharat (GTB), which is investigating irregularities in the bank's forex derivatives portfolio. The reports indicated that the latest discrepancy likely occurred during the second or third quarter of the previous fiscal year and is not expected to span multiple years. EY's role is to determine whether any fraudulent activity took place and pinpoint accountability. The stock exchange sought clarification from IndusInd Bank on 22 April 2025, regarding the news report, with the bank's response still awaited. IndusInd Bank offers a wide range of products and services for individuals and corporates, including microfinance, personal loans, personal and commercial vehicle loans, credit cards and SME loans. The bank's standalone net profit declined 39% to Rs 1,401.28 crore while total income increased 8.5% YoY to Rs 15,151.01 crore in Q3 FY25 over Q3 FY24. Powered by Capital Market - Live

IndusInd Bank Ltd gained for a fifth straight session today. The stock is quoting at Rs 830.15, up 4.46% on the day as on 12:44 IST on the NSE. The benchmark NIFTY is up around 1.35% on the day, quoting at 24172.6. The Sensex is at 79616.59, up 1.35%. IndusInd Bank Ltd has gained around 24% in last one month. Meanwhile, Nifty Bank index of which IndusInd Bank Ltd is a constituent, has gained around 7.17% in last one month and is currently quoting at 54290.2, up 2.06% on the day. The volume in the stock stood at 131.15 lakh shares today, compared to the daily average of 134.23 lakh shares in last one month. The benchmark April futures contract for the stock is quoting at Rs 830.9, up 4.74% on the day. IndusInd Bank Ltd is down 43.81% in last one year as compared to a 8.22% jump in NIFTY and a 15.62% jump in the Nifty Bank index.The PE of the stock is 8.56 based on TTM earnings ending December 24.Powered by Capital Market - Live

The Nifty April 2025 futures closed at 23,440.60, a premium of 3.4 points compared with the Nifty's closing 23,437.20 in the cash market. In the cash market, the Nifty 50 jumped 108.65 points or 0.47% to 23,437.20. The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, slipped 1.61% to 15.87. IndusInd Bank, HDFC Bank and Infosys were the top trading individual stock futures contracts in the F&O segment of the NSE. The April 2025 F&O contracts will expire on 24 April 2025.Powered by Capital Market - Live

IndusInd Bank Ltd rose for a third straight session today. The stock is quoting at Rs 779.15, up 5.88% on the day as on 12:49 IST on the NSE. The benchmark NIFTY is up around 0.09% on the day, quoting at 23350.4. The Sensex is at 76757.9, up 0.03%. IndusInd Bank Ltd has added around 15.02% in last one month. Meanwhile, Nifty Bank index of which IndusInd Bank Ltd is a constituent, has added around 9.16% in last one month and is currently quoting at 52379.5, up 0.77% on the day. The volume in the stock stood at 181.17 lakh shares today, compared to the daily average of 125.42 lakh shares in last one month. The benchmark April futures contract for the stock is quoting at Rs 777, up 5.56% on the day. IndusInd Bank Ltd is down 47.15% in last one year as compared to a 6.16% gain in NIFTY and a 12.14% gain in the Nifty Bank index.The PE of the stock is 7.93 based on TTM earnings ending December 24.Powered by Capital Market - Live

The rally comes after a global audit firm completed an independent review of IndusInd's books, quantifying the discrepancy at Rs 1,979 crore as of 30 June 2024. Crucially, the post-tax impact on the bank's net worth is pegged at 2.27% as of December 2024'marginally better than the bank's own internal estimate of 2.35% disclosed last month. The bank first flagged the issue on 10 March 2025, and was quick to initiate both internal and external reviews. In its latest statement, IndusInd said it would reflect the impact in FY25 financials and strengthen internal controls to prevent future lapses in derivative accounting operations. Investors welcomed the bank's transparency and timely disclosures. The stock's rebound was also aided by value buying. After months of underperformance'down 43% in six months and nearly 49% over a year'bargain hunters returned, finding the bank's current valuation too attractive to ignore. IndusInd Bank offers a wide range of products and services for individuals and corporates, including microfinance, personal loans, personal and commercial vehicle loans, credit cards and SME loans. The bank's standalone net profit declined 39% to Rs 1,401.28 crore while total income increased 8.5% YoY to Rs 15,151.01 crore in Q3 FY25 over Q3 FY24. Powered by Capital Market - Live

Securities in F&O Ban: Birlasoft and Hindustan Copper shares are banned from F&O Trading on 7 April 2025. Stocks to Watch: IndusInd Bank's total deposits jumped 6.8% to Rs 4,11,140 crore as of 31st March 2025 as compared with Rs 3,84,793 crore as of 31st March 2024. Force Motors' domestic sales jumped 11.02% to 3,606 units in March 2025, as against 3,248 units sold in March 2024. Indian Bank's total deposits jumped 7.12% to Rs 7.37 lakh crore as of 31st March 2025 as compared with Rs 6.88 lakh crore as of 31st March 2024.e Godrej Properties has entered into an agreement for development of a prime land parcel in Versova, Mumbai. This project is estimated to have a developable potential of approximately 4.4 lakh square feet of saleable area, with an estimated revenue potential of nearly Rs 1,350 crore. Bajel Projects' board of directors has appointed Nitesh Bhandari as chief financial officer (CFO) & joint president of the company, effective from 1 May 2025. KSB has received letter of award for a solar water project worth Rs 14 crore from Tripura Renewable Energy Development Agency. It secured another letter of award for a solar water project worth Rs 49 crore from Maharashtra State Electricity Distribution. Aurobindo Pharma's wholly owned step-down subsidiary, CuraTeQ Biologics s.r.o, has received permission from European Commission (EC) to market Dyrupeg in European Union.Powered by Capital Market - Live

Retail deposits and deposits from small business customers amounted to Rs 1,85,180 crore as of 31st March 2025 as compared to Rs 1,88,730 crore as of 31st December 2024. Net advances increased 1.4% to Rs 3,47,933 crore as of 31st March 2025 as compared with Rs 343,298 crore as of 31st March 2024. Net advances in corporate banking declined by 4.9% year-over-year (YoY) and 15.1% quarter-over-quarter (QoQ), while consumer business advances increased by 6.3% YoY and 3.4% QoQ. The daily average Liquidity coverage ratio (LCR) for Q4FY25 was at 118.4% and 136.2% as at March 31, 2025. CASA ratio declined to 32.8% as of 31st March 2025 as against 37.9% as of 31st March 2024. IndusInd Bank provides banking experience for its diverse range of stakeholders, including government entities, PSUs, retail customers, and large corporations. The bank offers a wide range of products and services, including microfinance, personal loans, debit and credit cards, SME loans, advanced digital banking solutions, affluent and NRI banking services, vehicle financing, and innovative ESG-linked financial products. The bank's standalone net profit declined 39% to Rs 1,401.28 crore in Q3 FY25 as compared with Rs 2297.85 crore in Q3 FY24. Total income increased 8.5% YoY to Rs 15,151.01 crore in Q3 FY25. The counter declined 3.83% to end at Rs 682.25 on Friday, 4 April 2025.Powered by Capital Market - Live

Securities in F&O ban: IndusInd Bank shares are banned from F&O trading on 25th March 2025. Stocks to Watch: HCL Technologies has announced a strategic partnership with Western Union to drive innovation and transformation in the financial services industry. Both companies will establish an advanced technology center in Hyderabad, India, which will further enhance Western Union's global technology capabilities and create new opportunities for innovation and talent development. Rail Vikas Nigam (RVNL) emerged as lowest bidder for a Central Railway project worth Rs 115.79 crore. The project involves OHE modification work for the upgradation of the existing 1x25 KV electric traction system to 2x25 KV at the feeding system in the Itarsi-Amla section in the Nagpur division of Central Railway to meet the 3000 MT loading target. Garden Reach Shipbuilders & Engineers (GRSE) signed a contract with Carsten Rehder Schiffsmakler and Reederei GmbH & Co. KG Germany for the construction and delivery of 7th & 8th multi-purpose vessel (MPV) of 7,500 DWT, in Hamburg, Germany. This contract is in line with the 'Option Agreement' signed between both the parties, for procurement of four additional MPVs from GRSE. Brigade Enterprises acquired a 4.4-acre land parcel in East Bengaluru for the development of a residential project with a total development potential of 0.6 million square feet and a gross development value of approximately Rs 950 crore. Sterling & Wilson Renewable Energy appointed Ajit Pratap Singh as the chief financial officer(CFO), effective March 24. Further, Sandeep Mathew has ceased to be the interim CFO of the company and will continue with his role as Head of Investor Relations. Hyundai Motor India's board approved an investment of upto Rs 694 crore for establishing and operating a tooling centre in India.Powered by Capital Market - Live

The independent professional firm will also assess the correctness and impact of the accounting treatment of the derivative contracts with regard to the prevailing accounting standards/ Guidance, identify any lapses and establish accountability in relation to the discrepancies identified in the bank's derivative portfolio. On March 10, the private bank had made a public disclosure, informing about certain discrepancies identified by the bank, in its account balances relating to its derivative portfolio. The discrepancies observed were a part of the ongoing review by an external agency. The bank further stated that once the review is completed, it will appropriately reflect any resultant impact in its financial statements. IndusInd Bank caters to both consumer and corporate customers. As of 31 December 2024, the bank's distribution network included 3,063 branches/banking outlets and 2,993 onsite and offsite ATMs, as against 2,728 branches/banking outlets and 2,939 onsite and offsite ATMs as of 31 December 2023. The client base stood at 42 million as on 31 December 2024. The private lender's standalone net profit tumbled 39.01% to Rs 1,401.28 crore while total income grew by 8.46% to Rs 15,151.01 crore in Q3 December 2024 over Q3 December 2023. Powered by Capital Market - Live