The Exchange has sought clarification from Indusind Bank Limited with respect to recent news item captioned IndusInd Bank shares in focus as internal audit probes new accounting irregularities. The response from the Company is attached.
INDUSINDBK · price
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On the reaction day the stock moved 0.3 pts less than Nifty Midcap 150 and 0.4 pts more than its Private Sector Bank peers, over the same two closes: a difference in percentage points, not a measure of what the filing did.
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IndusInd Bank clarified that its Internal Audit Department (IAD) completed its review and submitted its report on May 8, 2025. The review found that Rs. 674 crores was incorrectly recorded as interest income across three quarters of FY24-25, though this was fully reversed by January 10, 2025. Additionally, following a whistleblower complaint, the IAD identified Rs. 595 crores of unsubstantiated balances in 'other assets' accounts, which were set off against corresponding 'other liabilities' in January 2025. The Board has stated it is strengthening internal controls and fixing accountability of employees responsible for the lapses.
Total accounting irregularities of nearly Rs. 1,269 crores raise serious governance concerns and may weigh negatively on the stock in the short term. Investors should watch for further developments, including any regulatory action or management changes as accountability is assigned.