IndusInd Bank up for 5th straight day; gains 41% from March low, here's why

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IndusInd Bank up for 5th straight day; gains 41% from March low, here's why - Business Standard

Quick Summary:

Arun Khurana, deputy CEO of IndusInd Bank, has resigned with immediate effect, taking responsibility for the ₹1,960 crore losses due to incorrect accounting of internal derivative trades.

As a part of the process of finalisation of accounts, the Bank’s Internal Audit Department (IAD) is conducting a review of the Bank’s microfinance institution (MFI) business to examine certain concerns which have been brought to the Bank’s attention.

The bank is a market leader in most of the product categories in the vehicle finance segment, which forms ~26 per cent of overall loans.