Latest news with #IndusIndBankLtd
New Indian Express
2 days ago
- Automotive
- New Indian Express
Cholamandalam ordered to pay Rs 7.3 lakh to policyholder for service deficiency
Following the incident, Afnan informed the insurance company and sought compensation. A surveyor was appointed by the insurer, and the vehicle was inspected both physically and via video conference with officials at the police station concerned. Later, the insurer sent a letter to the complainant asking him to submit the accident-related documents. Afnan responded that he could not furnish the documents as the vehicle was still in police custody. He contended that the insurance company had already obtained the relevant documents during the survey and claim form submission. On February 1, 2024, as per court orders, the vehicle was released and taken to a garage in Shivamogga for repairs, which were estimated at Rs 6,01,482. Afnan requested the insurer to treat the claim as a total loss, as the repair cost exceeded 75 percent of the IDV. However, the insurer declined, stating the claim had been closed due to delayed submission of documents. Afnan also stated that the second respondent, IndusInd Bank Ltd, had repossessed the vehicle as he failed to pay EMIs following the accident. He approached the consumer commission, alleging that the insurer had failed to process the claim despite having all necessary documents and had thereby caused a deficiency in service. After reviewing the evidence and arguments from all parties, the Commission observed that the second and third respondents -- IndusInd Bank's Chennai and Shivamogga branches -- had only provided the vehicle loan and bore no responsibility in processing the insurance claim. The Commission ruled that the insurance company had wrongfully denied the claim despite proper documentation and deemed it a service deficiency. The bench comprising commission president T Shivanna and member B D Yogananda Bhandya issued the final order recently. The commission directed that within 45 days from the date of the order, the second and third respondents must hand over the vehicle to the insurer, and the insurer must pay Rs 7,30,550 to the complainant at 9 percent annual interest from May 8, 2024, until the full amount is paid. If delayed, the interest rate will increase to 10 per cent until settlement. The commission further instructed the complainant to cooperate with the insurer in transferring the vehicle records at the relevant authority as and when required.
India Today
29-05-2025
- Business
- India Today
Explained: Why IndusInd Bank shares are in focus today
Shares of IndusInd Bank Ltd are under the spotlight on Thursday after the Securities and Exchange Board of India's (Sebi) investigation revealed that top executives at the private lender were aware of discrepancies in its derivatives portfolio as early as December 2022, and yet chose to withhold this information from the public for over 15 to Sebi's interim order, this prolonged delay gave several senior officials the opportunity to exit their stock positions before the eventual disclosure in March 2025, which triggered a sharp 27% drop in the bank's shares in a single those reportedly privy to the issue were CEO Sumant Kathpalia and other key executives, who were engaged in discussions about irregularities in derivative booking and margining months before the information became public, Sebi's findings these early internal discussions, the bank only classified the matter as Unpublished Price Sensitive Information (UPSI) on March 4, 2025, just days before the public concluded that this delay violated regulatory norms and enabled insiders to offload shares, protecting themselves from heavy losses. The regulator has now launched an insider trading investigation into the delay in properly classifying and disclosing the information is central to Sebi's case. As part of its action, Sebi has barred five senior executives from accessing the securities market and frozen the profits earned from the alleged insider initiated a suo motu probe after IndusInd's stock plunged 27% on March 10, 2025, following the revelation of accounting discrepancies worth Rs 1,529 crore in the bank's derivatives then, IndusInd Bank shares have regained some ground, rising 32.92% from a 52-week low of Rs 605.40 reached on March 12. IndusInd Bank shares were trading 0.62% higher at Rs 809.75 on the Bombay Stock Exchange (BSE) at 9:42 am. The 32-page Sebi order outlined how five IndusInd Bank executives sold shares between December 4, 2023, and March 10, 2025 after discovering the irregularities but before informing the Kathpalia sold 1.25 lakh shares, avoiding a potential loss of Rs 5.2 crore, while another executive, Khurana, offloaded over 3.4 lakh shares, sidestepping a Rs 14.30 crore these developments, ICICI Securities downgraded IndusInd Bank Ltd from 'Hold' to 'Sell,' lowering its target price to Rs 650 from Rs 720, marking a 17% brokerage cited concerns over the bank's uncertain outlook, projecting it will underperform the industry with a modest 8% compound annual growth rate (CAGR) and weak profitability, forecasting a return on assets (RoA) of less than 1% for FY25 to FY27.(Disclaimer: The views, opinions, recommendations, and suggestions expressed by experts/brokerages in this article are their own and do not reflect the views of the India Today Group. It is advisable to consult a qualified broker or financial advisor before making any actual investment or trading choices.)
Business Standard
22-05-2025
- Business
- Business Standard
IndusInd Bank Ltd Slips 4.15%
IndusInd Bank Ltd has lost 6.16% over last one month compared to 2.41% fall in BSE BANKEX index and 2.17% rise in the SENSEX IndusInd Bank Ltd fell 4.15% today to trade at Rs 739.1. The BSE BANKEX index is down 0.39% to quote at 62270.34. The index is down 2.41 % over last one month. Among the other constituents of the index, Axis Bank Ltd decreased 0.46% and HDFC Bank Ltd lost 0.35% on the day. The BSE BANKEX index went up 13.93 % over last one year compared to the 9.57% surge in benchmark SENSEX. IndusInd Bank Ltd has lost 6.16% over last one month compared to 2.41% fall in BSE BANKEX index and 2.17% rise in the SENSEX. On the BSE, 2 lakh shares were traded in the counter so far compared with average daily volumes of 4.82 lakh shares in the past one month. The stock hit a record high of Rs 1550 on 19 Jun 2024. The stock hit a 52-week low of Rs 605.4 on 12 Mar 2025.
Indian Express
21-05-2025
- Business
- Indian Express
Derivative losses, weak asset quality lead to Rs 2,329 crore Q4 loss for IndusInd Bank
Hit by losses in the derivative portfolio and weak asset quality, IndusInd Bank Ltd has reported a net loss of Rs 2,329 crore for the quarter (Q4) ended March 2025 as against a net profit of Rs 2,349 crore a year ago. The two new accounting discrepancies in interest income, unearthed in the internal audits last week worth Rs 674 crore and Rs 595 crore, are also reflected in the March quarter results. On March 10, the bank disclosed that an internal review of its derivative portfolio revealed a potential 2.35 per cent adverse impact on its net worth. This had an approximate impact of Rs 2,000 crore on the bank. As a result, provisions increased to Rs 2,522 crore in March 2025 as against Rs 950 crore a year ago. Indicating the worsened asset quality, gross NPAs rose to 3.13 per cent (Rs 11,046 crore) of gross advances as of March 2025 as against 1.92 per cent (Rs 6,693 crore) in March 2024. Market regulator Sebi is investigating whether six officials at IndusInd Bank engaged in insider trading by selling stock options before accounting issues at the bank became public. On April 29, weeks after IndusInd Bank disclosed accounting lapses and losses in its derivatives portfolio, the bank's Managing Director and CEO Sumant Kathpalia resigned with immediate effect. IndusInd Bank had earlier announced the resignation of deputy CEO Arun Khurana. 'The board has worked in close coordination with the management and all relevant stakeholders so that the bank is forthcoming in highlighting any irregularities which need to be addressed,' the bank said on Wednesday. An in-depth review of all areas of concern was conducted, internally as well as wherever required with the help of competent external advisors, it said. Sunil Mehta, Chairman of IndusInd Bank, said: 'The board and the management acknowledge that the lapses happened have been unfortunate for an institution like our Bank. However, the board along with the management have shown a strong resolve to address all the identified issues in timely and comprehensive manner.' 'The statutory auditors have done substantive checks with wider sample sizes to analyse any anomalies in financial reporting and given an unqualified opinion. A conservative approach has been adopted in financial reporting to ensure the accuracy and robustness of the financial statements,' the bank said on Wednesday. The board is also in the process of taking necessary steps to assess roles and responsibilities and fixing staff accountability as per the extant laws and internal code of conduct in all the identified irregularities, it said. The RBI has now advised the bank to submit proposals for appointment of the new CEO for RBI's approval by June 30, 2025. 'The board is at an advanced stage in the selection process and is confident that recommendations will be submitted to the RBI well in advance of the timeline. In the interim, the Committee of Executives (CoE), with members having over 30 years of experience individually, is entrusted to oversee the operations of the bank under the guidance of an oversight committee of the board,' the bank said. 'Overall, the bank's balance sheet remains robust after fully absorbing adverse financial impact,' it said.
Business Standard
20-05-2025
- Business
- Business Standard
HDFC Bank Ltd Falls 0.19%
HDFC Bank Ltd has added 1.49% over last one month compared to 1.09% gain in BSE BANKEX index and 4.54% rise in the SENSEX HDFC Bank Ltd lost 0.19% today to trade at Rs 1935. The BSE BANKEX index is down 0.02% to quote at 62975.16. The index is up 1.09 % over last one month. Among the other constituents of the index, IndusInd Bank Ltd decreased 0.08% on the day. The BSE BANKEX index went up 14.37 % over last one year compared to the 10.96% surge in benchmark SENSEX. HDFC Bank Ltd has added 1.49% over last one month compared to 1.09% gain in BSE BANKEX index and 4.54% rise in the SENSEX. On the BSE, 4804 shares were traded in the counter so far compared with average daily volumes of 3.77 lakh shares in the past one month. The stock hit a record high of Rs 1977.95 on 23 Apr 2025. The stock hit a 52-week low of Rs 1449 on 22 May 2024.
