HDFC Mutual Fund has increased its stake in IndusInd Bank to over 5%, acquiring 15.92 lakh shares. This investment occurred despite the recent disclosure by IndusInd Bank of a significant accounting discrepancy amounting to Rs 2,100 crore.
The stake increase, bringing HDFC Mutual Fund's total holding to 5.02% of IndusInd Bank's paid-up equity capital, was finalized on March 11, 2025. The purchase follows IndusInd Bank's announcement regarding the accounting lapse, which is estimated to impact 2.35% of the bank's net worth.
IndusInd Bank reported that the accounting discrepancy was identified around September-October of the previous year and was preliminarily reported to the Reserve Bank of India (RBI) last week. An external agency is currently conducting a review, with a final report expected by early April. Shares of IndusInd Bank closed at Rs 672.10, a decrease of 1.84% on the BSE.