INDUSINDBK

Bank shares under selling pressure ahead of PwC report on accounting discrepancies

shares have seen significant volatility after the lender disclosed accounting discrepancies related to derivatives portfolio, resulting in an estimated impact of 2.35 percent on its net ***** of IndusInd Bank fell nearly 4 percent on March 28, snapping their two-day gaining streak, ahead of external auditor PwC's report on accounting discrepancies, which is likely expected by the end of this week. The shares of the private lender closed at Rs 649 apiece. IndusInd Bank had ordered a forensic audit following the PwC probe to ascertain the impact of the deficiencies in derivative accounting practices on the lender's financials. Sources further told Moneycontrol that the final report is likely to be placed before IndusInd board by the end of this week. IndusInd Bank on March 10 had disclosed certain discrepancies in its account balances related to its derivatives portfolio, resulting in an estimated impact of 2.35 percent of its net worth. The shares of the private lender crashed 26 percent following the the disclosure. The stock later recovered, after the management assured investors of posting profit during Q4FY25 as well as the upcoming financial year, despite absorbing losses. The bank's promoter Ashok Hinduja said that the bank can take care of the discrepancies that have emerged. "Shareholders shouldn't panic. These are normal routine problems. I understand their concern is over why they were not informed earlier. Banking businesses are based on integrity and trust,"