IndusInd Bank share price falls over 5% after Rs.30 crore penalty for ‘various GST issues’
IndusInd Bank share price declined more than 5% on Tuesday, after the private lender informed that the GST authorities in Thane district have imposed a penalty of over Rs.30.15 crore for various issues. IndusInd Bank shares fell as much as 5.32% to Rs.633.55 apiece on the BSE.
IndusInd Bank, which is already facing a probe over derivative account discrepancies, also said that it may file an appeal against the GST order.
“...we hereby inform that a penalty of Rs. 30,15,18,000/- has been imposed on the Bank by Joint Commissioner of CGST & Central Excise, Thane Commissionerate for various GST issues. The Bank will explore filing of appeal against the order,” IndusInd Bank said in a regulatory filing on March 24.
IndusInd Bank shares recently came under heavy selling pressure after the bank disclosed discrepancies in its derivatives portfolio, which could have an adverse impact of about 2.35% of the net worth. After the disclosure, IndusInd Bank stock price saw its worst fall ever, crashing 27% in a single day.
IndusInd Bank’s management assured investors of posting profit in the March 2025 quarter and the upcoming financial year despite losses. Moreover, the Reserve Bank of India (RBI) also issued a statement stating that IndusInd Bank remained ‘well-capitalised’ and that its financial position remains ‘satisfactory’.
