Shares of IndusInd Bank declined in early trade on Wednesday after a report said a fresh whistleblower complaint had been sent to the Prime Minister's Office and multiple regulators seeking an investigation into alleged insider trading and governance lapses at the private lender.
At 09:22 IST, IndusInd Bank was trading at Rs 888.45 on the NSE, down Rs 24.05 or 2.64 per cent.
The decline comes after The Economic Times reported that a whistleblower complaint had been submitted to the Prime Minister's Office, the Reserve Bank of India (RBI), the Serious Fraud Investigation Office (SFIO), the National Financial Reporting Authority (NFRA) and other agencies. The report said the complaint seeks an investigation into alleged insider trading, governance failures and shortcomings in forensic and audit reviews at the bank following the discovery of a Rs 2,000-crore derivatives accounting discrepancy.
The Economic Times reported that the complaint names Samir Agarwal, former zonal head of eastern India at IndusInd Bank, and alleges insider trading, manipulation of financial records, evergreening of microfinance loans, suppression of audit findings and attempts by senior management and board members to conceal irregularities.
The newspaper further reported that Agarwal allegedly generated gains of around Rs 46 crore through share transactions worth nearly Rs 815 crore before key developments became public. The complaint claims he used confidential information obtained through his...
A video shows immigrants setting fire to the Basilica of St Michael in Bordeaux, France. False. The video shows a tent on fire beside the church. AAP FACTCHECK - A video showing smoke rising near ...