Hinduja-Backed IndusInd Bank Reports Big Loss, Finds Fresh Fraud
IndusInd Bank Ltd. backed by the billionaire Hinduja family, posted a bigger-than-expected loss in the three months to March, with recent woes for the lender piling up as it announced fresh accounting discrepancies just weeks after its chief executive officer stepped down.
The bank reported a loss of 22.4 billion rupees ($262 million) in the fourth quarter, compared with a profit of 23.5 billion rupees a year ago. The average analyst estimate was for a loss of 2.03 billion rupees.
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