IndusInd Bank share price: The shares of private lender IndusInd Bank slumped nearly 6% in intraday trade on Friday after it flagged fresh accounting errors following an internal audit of its microfinance business.
IndusInd Bank said its Internal Audit Department (IAD) has found that a cumulative amount of ₹674 crore was incorrectly recorded as interest over three quarters of FY 24-25, which was fully reversed as on January 10, 2025.
Also, following the receipt of a whistleblower complaint, the IAD was asked by the Audit Committee of the Board to review transactions recorded in “other assets” and “other liabilities”. The IAD has submitted its report on May 8, 2025 that there were unsubstantiated balances aggregating to ₹595 crore in “other assets” accounts of the Bank. These were set off against corresponding balances appearing in “other liabilities” accounts in January 2025, the lender added.
“The IAD has also examined the roles and actions of key employees in this context. The Board is taking necessary steps to strengthen internal controls, fix accountability of the persons responsible for these lapses and will take action as appropriate,” the company added.
