IndusInd Bank shares in focus after GST penalty; lender plans to appeal
IndusInd Bank faces a Rs 30.15 crore penalty for GST-related issues and is considering an appeal. Recently, the bank reported accounting discrepancies and has appointed Grant Thornton for a forensic review. IndusInd Bank's Q3 earnings declined significantly, with a 39% drop in net profit. The shares fell 2.42%, reflecting ongoing financial turmoil.
IndusInd Bank shares will be in focus on Tuesday after the private sector lender disclosed that it has been slapped with a Rs 30.15 crore penalty by the Joint Commissioner of CGST & Central Excise, Thane Commissionerate, over various GST-related issues under Section 122(1)(ii) of the CGST Act, 2017.
"We hereby inform that a penalty of Rs 30,15,18,000/- has been imposed on the Bank by the Joint Commissioner of CGST & Central Excise, Thane Commissionerate, for various GST issues. The Bank will explore filing an appeal against the order," IndusInd Bank said in an exchange filing.
