IDFC First Bank fraud: How a Rs 590 crore hit erased Rs 14,000 crore in investor wealth

Shares crashed as much as 20%, the steepest fall since March 2020, after the private lender disclosed that employees at its Chandigarh branch had carried out unauthorized transactions in accounts linked to the Haryana state government, creating a deposit balance discrepancy of approximately Rs 590 crore.The fraud amount eclipses the bank's Q3 net profit of Rs 503 crore. UBS estimated the suspected amount at roughly 22% of Jefferies said the bank will need to strengthen operational controls and clarify that ...