Shares of IDFC First Bank in India fell by as much as 20% on Monday following the announcement of suspected fraud totaling 5.9 billion rupees ($65 million) over the weekend. The stock dropped 16.13% to close at 70.04 rupees, marking a near five-month low for the mid-sized lender, which has previously attracted investments from Warburg Pincus and the Abu Dhabi Investment Authority. Discrepancies arose at a branch in Chandigarh after government-linked accounts sought to close, prompting the lender to suspend four employees and commission KPMG for a forensic audit. Analysts suggest the alleged fraud could impact up to 22% of the bank’s projected profit for fiscal year 2026. Following the revelations, the Haryana government has removed IDFC First Bank from its list of approved banks for government accounts, raising potential concerns about the bank’s future business with the government. The Reserve Bank of India has been informed of the situation, with its governor stating that there are currently no systemic issues with the bank.<\/p>\n","protected":false},"excerpt":{"rendered":"
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