Shares of IndusInd Bank fell 3% following the bank’s disclosure of a financial reporting error involving Rs 674 crore. As of 9:16 AM, the shares were trading 2.40% lower at Rs 761.75
In the exchange filing, the private sector bank reported that its Internal Audit Department (IAD) had identified an overstatement of interest income spanning three quarters of FY 2024-25.
The bank clarified that the overreported amount was fully reversed as of January 10, 2025. The detailed audit findings were presented to the Board on May 8, 2025.
“The IAD report revealed that a total of ₹674 crore had been incorrectly recorded as interest income across three quarters. This amount has now been entirely reversed,” the bank said.
Additionally, the audit uncovered unsubstantiated balances of ₹595 crore listed under “other assets” in the bank’s accounts. These were subsequently adjusted against “other liabilities” in January 2025.
In its statement, the bank assured, “The Board is taking necessary steps to enhance internal controls, ensure accountability for these lapses, and will initiate appropriate action.”
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