Tue Apr 22 10:10:00 UTC 2025: ## IndusInd Bank Shares Plunge After Second Forensic Audit Ordered
**Mumbai, [Date of Publication]** – Shares of IndusInd Bank plummeted 6.4% today, hitting an intraday low of Rs 775.40 on the National Stock Exchange (NSE). The sharp decline follows reports that the bank has commissioned EY to conduct a second forensic audit, this time focusing on a Rs 600 crore discrepancy related to interest income accrual in its microfinance portfolio.
The Economic Times, citing sources, revealed that the discrepancy was flagged during the bank’s statutory audit for the previous fiscal year, prompting auditors to issue a Section 143(12) notification under the Companies Act 2013. This led to the request for the EY audit to investigate potential lapses and assign accountability. This audit will run concurrently with an existing forensic audit by Grant Thornton Bharat (GTB) examining irregularities in the bank’s forex derivatives portfolio.
Sources suggest the discrepancy appears confined to the last fiscal year, possibly within the second and third quarters. While the focus is on determining if fraud occurred, the impact of the issue is considered separate from the previously reported accounting discrepancies in the derivatives portfolio, which resulted in a 30%+ stock crash in March 2025 and represented 2.35% of the bank’s net worth (Rs 1,500-2,000 crore).
The news comes amidst already concerning financial performance. IndusInd Bank reported a 39% year-on-year drop in net profit in Q3FY25, falling to Rs 1,402.3 crore from Rs 2,301 crore. Net interest income also declined slightly.
Despite the IndusInd Bank turmoil, the broader Nifty Bank index showed resilience, closing up 0.6% at 27,892.95. Separately, Uday Kotak’s praise of Indian homemakers as shrewd gold investors sparked debate on the drivers behind the recent surge in gold prices surpassing Rs 1 lakh per 10 grams.
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