HomeMarket NewsIDFC First Bank shares in focus after ₹590 crore fraud; lender makes two other disclosures
Analysts who have coverage on the stock, believe that the sum is more than 20% of its entire projected net profit for financial year 2026 and could have an impact of 18 basis points to its CET-1 ratio, which is currently at 14.23%.
Shares of IDFC First Bank Ltd., the Mumbai-based private lender, will be in focus on Monday, February 23, after it disclosed a fraud worth ₹590 crore on Sunday.
As per its exchange filing, the bank received a request from a Haryana Government department for closure of its account and transfer of its fund to another bank. It was during this process that certain discrepancies were observed in the amount mentioned compared to the account balance.
The matter refers to the lender’s branch in Chandigarh. It also clarified that the sum does not affect other customers of the bank and that the impact may be determined based on the receipt of further information, claims validation, recoveries of any nature, and other aspects, including the legal r