Core Viewpoint - IDFC First Bank is facing a significant fraud issue involving Rs 590 crore linked to its Chandigarh branch, with certain employees allegedly involved in fraudulent transactions from accounts associated with the Haryana government [1][9]. Group 1: Fraud Details - The fraudulent transactions amount to Rs 590 crore, and four officials have been suspended pending an internal investigation [1][9]. - The irregularities were discovered when the Haryana government requested the closure of its account and transfer of funds, revealing discrepancies between the bank's records and the amounts reported by government entities [6][9]. - The fraudulent activity is confined to specific government-linked accounts at the Chandigarh branch and does not affect other customers [7][9]. Group 2: Bank's Response - IDFC First Bank plans to take strict disciplinary, civil, and criminal action against the involved employees and external individuals, and has lodged a complaint with police authorities [2][9]. - The bank has sent recall requests to beneficiary banks to lien-mark balances in accounts identified as suspicious and is appointing an independent external agency for a forensic audit [3][9]. Group 3: Market Reaction - Following the revelation of the fraud, shares of IDFC First Bank hit a 15% lower circuit at Rs 71.03 on the BSE, although they closed 0.64% higher at Rs 83.51 on the NSE prior to the announcement [8][9]. - The technical analysis indicates a 14-day Relative Strength Index (RSI) of 50.3, suggesting neutral market conditions [8].