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2w ago

IndusInd Bank Clarifies EY’s Role in Audit as Shares Continue to Fall

The bank states EY is assisting its internal audit department, not conducting a forensic audit, following reports of accounting discrepancies.

IndusInd Bank shares in focus after clarification on Rs 600 crore EY audit

Overview

  • IndusInd Bank clarified that it has not engaged EY for a forensic audit, contrary to earlier media reports.
  • EY’s role is limited to assisting the bank's Internal Audit Department in reviewing records related to its microfinance business.
  • The Rs 600 crore discrepancy in the microfinance portfolio, linked to interest income accruals, remains under review by the bank.
  • Grant Thornton Bharat continues to lead a forensic audit into discrepancies in the bank's derivatives portfolio, valued at Rs 1,500–2,000 crore.
  • IndusInd Bank’s stock dropped 4.88% to Rs 787.65, reflecting ongoing investor concerns over governance and transparency issues.