Indusland Bank Shares Fall 3% After Complaint Reaches PMO and RBI
Indusland Bank Shares Fall 3% After Complaint Reaches PMO and RBI
Shares of IndusInd Bank fell nearly 3 per cent on Tuesday after a fresh whistleblower complaint against the bank was sent to the Prime Minister’s Office (PMO), the Reserve Bank of India (RBI) and other regulatory authorities.
The bank’s share price dropped during trading and touched an intraday low of ₹884.05. The fall came as investors reacted to allegations of insider trading and financial irregularities mentioned in the complaint.
According to reports, the complaint has sought an investigation into alleged insider trading, accounting issues and possible lapses in the bank’s management and audit processes. Copies of the complaint have also been sent to agencies including the Serious Fraud Investigation Office (SFIO) and the National Financial Reporting Authority (NFRA).
The complaint names former bank executive Sameer Agrawal and alleges that confidential company information was used for share trading. It also raises concerns about certain financial transactions and audit-related matters.
IndusInd Bank has denied the allegations. The bank said it has already looked into the issues raised and has taken steps according to regulatory requirements. It added that the matter is under review and it would not comment further while the process is ongoing.
The new complaint has come at a time when IndusInd Bank is already facing questions over its accounting practices. Experts said the recent allegations have made investors worried, which has led to a fall in the bank’s share price.
The government agencies and regulators have not made any public comments on the complaint.
