📉 IndusInd Bank Faces New Audit Over ₹600 Cr Microfinance Discrepancy

IndusInd Bank has initiated a second forensic audit, appointing Ernst & Young (EY) to investigate a ₹600 crore discrepancy in accrued interest income from its microfinance portfolio. This move follows concerns raised during a statutory audit, prompting further scrutiny into the bank's accounting practices. The bank's shares fell over 6% on April 22, reflecting investor apprehension amid ongoing governance challenges. This audit is in addition to an earlier probe by Grant Thornton into a $175 million discrepancy related to currency derivatives. 🔍 Key Points: Second forensic audit by EY targeting ₹600 crore interest income discrepancy Shares declined over 6% following the announcement Ongoing investigations into previous accounting lapses continue