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Axis Bank Ltd fell 3.81% today to trade at Rs 1161.35. The BSE BANKEX index is down 0.19% to quote at 62887.48. The index is up 6.71 % over last one month. Among the other constituents of the index, IndusInd Bank Ltd decreased 0.51% and Canara Bank lost 0.19% on the day. The BSE BANKEX index went up 14.35 % over last one year compared to the 7.75% surge in benchmark SENSEX.
Axis Bank Ltd has added 6% over last one month compared to 6.71% gain in BSE BANKEX index and 3.64% rise in the SENSEX. On the BSE, 53094 shares were traded in the counter so far compared with average daily volumes of 1.45 lakh shares in the past one month. The stock hit a record high of Rs 1339.55 on 12 Jul 2024. The stock hit a 52-week low of Rs 934 on 27 Jan 2025.
In the cash market, the Nifty 50 declined 82.25 points or 0.34% to 24,246.70.
The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, jumped 1.81% to 16.25.
Reliance Industries, HDFC Bank and IndusInd Bank were the top trading individual stock futures contracts in the F&O segment of the NSE.
The May 2025 F&O contracts will expire on 29 May 2025.
According to media reports, the discrepancy—related to the accrual of interest income—was discovered during the ongoing statutory audit for the previous financial year. The statutory auditors allegedly issued an additional communication under Section 143(12) of the Companies Act, 2013, prompting the bank to launch a further investigation via EY.
This audit comes on top of an ongoing forensic probe by Grant Thornton Bharat (GTB), which is investigating irregularities in the bank’s forex derivatives portfolio.
The reports indicated that the latest discrepancy likely occurred during the second or third quarter of the previous fiscal year and is not expected to span multiple years. EY's role is to determine whether any fraudulent activity took place and pinpoint accountability.
The stock exchange sought clarification from IndusInd Bank on 22 April 2025, regarding the news report, with the bank’s response still awaited.
IndusInd Bank offers a wide range of products and services for individuals and corporates, including microfinance, personal loans, personal and commercial vehicle loans, credit cards and SME loans.
The bank’s standalone net profit declined 39% to Rs 1,401.28 crore while total income increased 8.5% YoY to Rs 15,151.01 crore in Q3 FY25 over Q3 FY24.
IndusInd Bank Ltd, Fusion Finance Ltd, Techno Electric & Engineering Company Ltd and Just Dial Ltd are among the other losers in the BSE's 'A' group today, 22 April 2025.
Cholamandalam Investment & Finance Company Ltd tumbled 5.38% to Rs 1569.9 at 14:47 IST.The stock was the biggest loser in the BSE's 'A' group.On the BSE, 95401 shares were traded on the counter so far as against the average daily volumes of 54148 shares in the past one month.
IndusInd Bank Ltd crashed 5.05% to Rs 786.25. The stock was the second biggest loser in 'A' group.On the BSE, 11.04 lakh shares were traded on the counter so far as against the average daily volumes of 7.16 lakh shares in the past one month.
Fusion Finance Ltd lost 4.68% to Rs 157.7. The stock was the third biggest loser in 'A' group.On the BSE, 73066 shares were traded on the counter so far as against the average daily volumes of 68280 shares in the past one month.
Techno Electric & Engineering Company Ltd plummeted 4.37% to Rs 1107.55. The stock was the fourth biggest loser in 'A' group.On the BSE, 28797 shares were traded on the counter so far as against the average daily volumes of 19439 shares in the past one month.
Just Dial Ltd shed 4.18% to Rs 985.7. The stock was the fifth biggest loser in 'A' group.On the BSE, 54856 shares were traded on the counter so far as against the average daily volumes of 50178 shares in the past one month.
The lender emphasized that EY has been brought in solely to assist the Internal Audit Department in reviewing 'certain records of the Bank' and added that 'the review by the bank is ongoing.'
The clarification comes in response to media reports that triggered a sharp 4.88% fall in the bank’s share price, dragging it down to Rs 787.65 today.
Reports surfaced earlier today suggesting that IndusInd Bank had appointed EY for a second forensic probe—this time into a Rs 600 crore anomaly in its microfinance portfolio. The discrepancy, believed to be linked to interest income accruals, reportedly emerged during the statutory audit for the previous financial year.
Sources cited in the reports claimed that statutory auditors had issued an alert under Section 143(12) of the Companies Act, 2013—a provision invoked when fraud is suspected. This, in turn, prompted the bank to deepen its review process.
Importantly, this internal review is unfolding alongside a separate ongoing forensic audit by Grant Thornton Bharat, which is investigating irregularities in the bank’s forex derivatives operations.
While initial findings suggest the microfinance discrepancy may be limited to just a couple of quarters and not a multi-year issue, the back-to-back revelations have reignited concerns over the bank’s internal controls, governance standards, and accounting oversight.
For now, the bank is holding its ground—asserting transparency and cooperation—while markets await further clarity from the internal audit’s findings.
IndusInd Bank Ltd gained for a fifth straight session today. The stock is quoting at Rs 830.15, up 4.46% on the day as on 12:44 IST on the NSE. The benchmark NIFTY is up around 1.35% on the day, quoting at 24172.6. The Sensex is at 79616.59, up 1.35%. IndusInd Bank Ltd has gained around 24% in last one month.
Meanwhile, Nifty Bank index of which IndusInd Bank Ltd is a constituent, has gained around 7.17% in last one month and is currently quoting at 54290.2, up 2.06% on the day. The volume in the stock stood at 131.15 lakh shares today, compared to the daily average of 134.23 lakh shares in last one month.
The benchmark April futures contract for the stock is quoting at Rs 830.9, up 4.74% on the day. IndusInd Bank Ltd is down 43.81% in last one year as compared to a 8.22% jump in NIFTY and a 15.62% jump in the Nifty Bank index.
The PE of the stock is 8.56 based on TTM earnings ending December 24.