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IDFC First Bank shares hit 20% lower circuit over Rs 590-crore fraud
IDFC First Bank shares hit 20% lower circuit over Rs 590-crore fraud
Haryana government de-empanelled IDFC First Bank and AU Small Finance Bank for government business with immediate effect till further orders.
Mumbai: Shares of IDFC First Bank hit the 20 per cent lower circuit on Monday after the lender reported fraudulent transactions worth about Rs 590 crore, allegedly committed by its employees at its Chandigarh branch.
The stock fell to Rs 66.85, its intra-day low, down 20 per cent. The shares opened 10 per cent lower and later extended their losses. At 10:33 am, shares were trading at Rs 70.10, down 16.06 per cent on the day.
The bank said the matter is confined to a set of Haryana government‑linked accounts at the Chandigarh branch, adding that it has informed regulators and filed a police complaint. The bank also suspended four officials pending investigation.
"Prima facie, unauthorised and fraudulent activities have been carried out by certain employees at a particular branch in Chandigarh in a specific set of Haryana state government accounts and potentially involving other individuals/entities/counterparties," the bank's stock exchange filing said.
Independent brokerage estimates suggested that the suspected fraud amounts to about 0.9 per cent of the bank's net worth and 20 per cent of its FY26 pre‑tax profit.
Meanwhile, the Haryana government de-empanelled IDFC First Bank and AU Small Finance Bank for government business with immediate effect till further orders, according to an official circular.
It directed all departments, boards, corporations and public sector undertakings to stop using these banks for deposits, investments or any other financial dealings.
Authorities have also been asked to immediately transfer existing balances and close accounts maintained with the two lenders.
The Finance Department pointed out lapses in following fixed deposit instructions. It noted that in some cases, funds that were supposed to be placed in flexible deposits or higher-interest fixed deposit schemes were allegedly kept in savings accounts, leading to lower returns and financial loss to the state.
Departments have been instructed to strictly follow approved deposit terms, regularly verify compliance by banks, conduct monthly reconciliations and report any discrepancies.
All reconciliations must be completed by March 31, 2026, and a certified compliance report must be submitted by April 4, 2026.
Source: ZeeNews
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