IDFC First Bank Share Price Plunged up to 20 per cent in the early trade on Monday after a Chandigarh branch of the private lender reported a fraud of Rs 590 crore.
The IDFC Banks shares started the session with a huge gap-down at Rs 75.16 against last session's closing of Rs 83.51. The stock declined further after experiencing selling pressure. At the time of writing, IDFC First Bank shares were trading at Rs 67.10, down Rs 16.41 or 19.65 per cent.
IDFC First Bank Fraud
In an exchange filing, the private sector lender said that the fraud was carried out after the bank received an account closure and fund transfer request from a Haryana Government department.
According to the bank, they have put four suspected employees under suspension after the incident came to light. An investigation will be initiated against them.
Strict Action And External Audit
The bank said it would "take strict disciplinary, civil and criminal action against the responsible employees and other outsiders in accordance with applicable law."
Additionally, the private sector lender will appoint an independent external agency to conduct an through forensic audit.
Stock Market Today
The domestic equity indices are trading sharply higher in the early session on the back of the suspension of tariffs imposed by Donald Trump on other nations. Banking, Financial Services, Auto, and Metals stocks surged, while IT and Media sector stocks plunged.
At the time of writing, Sensex was at 83,317.76, up 503.05 points or 0.61 per cent, while Nifty50 was doing business at 25,719.70, up 148.10 points or 0.58 per cent