IDFC First Bank share price declined over 2% on Tuesday, snapping its three-day gaining run, amid a selloff in the broader Indian stock market today. IDFC First Bank shares dropped as much as 2.75% to ₹78.46 apiece on the BSE.
The sentiment in the broader Indian stock market today remained weak. The benchmark BSE Sensex crashed more than 500 points, while the NSE Nifty 50 slipped 0.7% to below 24,000 level. Selling in banking stocks also dragged the Bank Nifty index nearly 1% lower.
Trading volumes in IDFC First Bank shares also spiked, with around 2 crore equity shares changing hands on the stock exchanges.
Meanwhile, the Central Bureau of Investigation (CBI) has arrested a senior IAS officer for allegedly embezzling ₹60.54 crore from the accounts of the Haryana School Shiksha Pariyojana Parishad (HSSPP) and the Haryana State Agriculture Marketing Board (HSAMB), maintained with IDFC First Bank.
Pankaj Aggarwal, then Principal Secretary in the Department of School Education and Department of Agriculture in the Haryana government, was arrested on Monday after it emerged in the probe that accounts were opened in the bank’s Chandigarh Sector 32 branch in violation of the Haryana government guidelines, and later funds were transferred to it in excess of limits, PTI reported.
The case is part of the CBI investigation into ₹657 crore of embezzlement from the accounts of the Haryana government and Chandigarh administration maintained at IDFC First Bank.
The total loss caused to the Haryana government by the illegal transactions is ₹504 crore, while in Chandigarh’s case, it is ₹153 crore, the CBI Spokesperson said.
IDFC First Bank Share Price Performance
IDFC First Bank share price has risen 14% in one month and has rallied over 30% in three months. The banking stock has fallen 7% in six months, while it has gained 11% in one year. IDFC First Bank shares have surged 36% in five years.
At 1:10 PM, IDFC First Bank share price was trading 2.00% lower at ₹79.07 apiece on the BSE.
