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IndusInd Bank eventually closed the day at Rs 657.25 on BSE, down 27.02 per cent. This is the same level IndusInd Bank traded at in early November 2020. Ashok Leyland settled the day at Rs 200, down 3.24 per cent.

Ashok Leyland Ltd joined IndusInd Bank Ltd and three others to tumble on Tuesday, as five out of six Hinduja group stocks settled lower in a weak session, eroding nearly Rs 21,000 crore off the group’s market capitalisation (m-cap). The selloff was seen as IndusInd Bank witnessed a flurry of downgrades after the lender reported accounting discrepancy, which is now expected to potentially result in losses for the bank in Q4. The delay in reporting the same also hit the lender’s credibility, analysts said.

Following the 27 per cent selloff on IndusInd Bank, Ashok Hinduja via CNBC-TV18 asked shareholders not to panic, saying the problem was neither identified by the auditor nor the regulator, but the IndusInd Bank management itself.

He reportedly said that promoters are waiting for approval from the RBI to increase their stake in the bank from 15 per cent to 26 per cent and as early as the lender gets the RBI approval, it would immediately inject capital into the bank.

IndusInd Bank eventually closed the day at Rs 657.25 on BSE, down 27.02 per cent. This is the same level IndusInd Bank traded at in early November 2020.

Ashok Leyland settled the day at Rs 200, down 3.24 per cent. Hinduja Global Solutions Ltd dropped 3.68 per cent to Rs 500. GOCL Corporation Ltd tanked 3.48 per cent to Rs 281.10. Gulf Oil Lubricants India Ltd was the only group stock that settled higher. It was up 2.29 per cent at Rs 1216.

“We have seen IndusInd Bank for the last 30 years. It has seen various problems. Those have been handled properly. This problem will also get resolved,” CNBC-TV18 reported him as saying.

Hinduja as per CNBC-TV18 called the problem as routine and admitted the concern why they were not informed earlier. Banking businesses are based on integrity and trust, he reportedly said.

Analysts felt the emergence of accounting discrepancy could be behind the RBI’s recent decision to extend IndusInd Bank CEO’s tenure to just one year instead of three. A negative delayed derivatives’ disclosure has the potential to unnerve stock investors more than a back-dated non performing loan (NPL) disclosure, analysts felt.

Kotak Institutional Equities said the financial implications of the development are negligible, but it does raise the broader issue of credibility. The rebuilding of the lost credibility is likely to take more than a few quarters, it said.

Disclaimer: Moneywealth research provides stock market news for informational purposes only and should not be construed as investment advice. Readers are encouraged to consult with a qualified financial advisor before making any investment decisions.

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IndusInd Bank eventually closed the day at Rs 657.25 on BSE, down 27.02 per cent. This is the same level IndusInd Bank traded at in early November 2020. Ashok Leyland settled the day at Rs 200, down 3.24 per cent.

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IndusInd Bank impact? Ashok Leyland, other Hinduja stocks lost Rs 21,000 cr in market value

IndusInd Bank eventually closed the day at Rs 657.25 on BSE, down 27.02 per cent. This is the same level IndusInd Bank traded at in early November 2020. Ashok Leyland settled the day at Rs 200, down 3.24 per cent.

Author: admin

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