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IndusInd Bank has seen a sharp decline today. The stock has fallen by more than 4 percent. Today, the investigation report is going to be presented regarding the discrepancies recorded in the accounts of IndusInd Bank. The bank has called this investigation a review. The stock is also under pressure because on Thursday, news came from sources that the bank has also started forensic audit before presenting the report. Today's report may give indications as to what the bank had called discrepancies in the accounts could actually be. Forensic audit will further investigate it in depth. Today's report can determine the future direction for the stock, the reason for its discrepancy and the actual loss from it can be revealed. The market is eyeing the signals received from the report. The stock had registered a sharp decline in the month of March.
What is the information?
PTI quoted sources as saying that external auditor PwC may present its report on Friday. PwC is investigating the discrepancies or mismatches in the data recorded in the accounts of the bank's derivative portfolio. It is expected that the report may provide the actual loss, its reasons and measures to overcome it. Earlier on March 10, the bank informed the stock market that due to accounting errors in some derivative instruments, the bank's net worth may be affected by 2.35 per cent on December 2024 basis. Which could be around Rs 1500 crore. On Thursday, Moneycontrol quoted sources as saying that the bank has ordered a forensic audit based on some indications found in the review investigation. According to the news, the process which is under question has been going on for many years and those involved in the investigation believe that if the irregularity has been going on for a long time, then it cannot be considered negligence.
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