IndusInd Bank Shares Soar 2% As Embattled Lender Awaits PwC Audit Report

IndusInd Bank, once a renowned private bank, is now in the middle of a sea of ignominy. This is as the lender finds itself embroiled in multiple controversies at the same time. As a result of this, the company shares have also taken a major hit in the recent past.

IndusInd's Troubles

The story was different today. IndusInd Bank stocks surged in the early hours of the day's trade on Wednesday, March 26.

A major accounting discrepancy has been at the centre of the bank's woes that has imperiled its status and cast asperation on it.

As a result of the accounting botch-up, the company is looking at losses amounting to a gargantuan Rs 2,100 crore, a figure that is reported to be about 2.35 per cent of IndusInd bank's total net worth of around Rs 64,000 crore.

Not just, adding to the existing woes of the bank, which is stuttering to hold on, a Rs 30.15 crore Goods and Services Tax (GST) penalty was slapped on the bank.

The GST penalty was imposed by the Joint Commissioner of CGST and Central Excise of the Thane Commissionerate over several compliance issues.

PwC To Submit Report

Amid the freefall of faith in the company and its promoters, the company made a key announcement. It has reportedly handed over the scrutiny of its accounts to one of the big-four of the services industry, PwC.

The British services giant is expected to look into various levels. It would also be suggesting remedies to the bank.

PwC is expected to file the response and submit its report by the end of this week.

IndusInd Bank Shares Today

When we look at he progress made by the bank's share today, the company got off to a flier.

After opening flat at Rs 637.40 per share, the company shares picked up steam to soar in the opening hours of the trading hours.

After surging over 3 per ent, and topping the day's high mark of Rs 660.80, the company shares dipped slightly, while continuing to be in green.

At the time of writing, IndusInd Bank shares made gains of 2.06 per cent or Rs 13.15. This took the overall value of the company shares to Rs 650.20. This spurt comes after days of major cuts in its overall value.

The company's 52-week high mark stands at Rs 1,576.35 per share.