IDFC First Bank Stock Plunges After Fraud Disclosure

Shares of IDFC First Bank Limited crashed sharply on the NSE following the bank’s disclosure of a ₹590 crore fraudulent transaction at one of its branches in Chandigarh, involving accounts linked to the Haryana government. The revelation triggered panic selling, with the stock hitting lower circuits and wiping significant value from major shareholders, including the Government of India and Life Insurance Corporation of India, who collectively suffered mark-to-market losses of over ₹1,400 crore. The broader market was trading higher amid strong global cues, but the bank counter remained under pressure throughout the session due to heightened risk perception and regulatory concerns. Investors are now watching for updates on the fraud investigation and potential impact on asset quality and confidence. Disclaimer: Investments in securities are subject to market risk. This is for educational purposes only. Investors must verify information before investing and consider their financial position & risk profile.