IDFC First Bank share price slumps on suspected ₹5.9 bln fraud; KPMG probe in focus
IDFC First Bank shares dropped 16% to 69.6 rupees on Monday after the lender reported a suspected 5.9 billion rupee fraud involving Haryana government-linked accounts. The bank has hired KPMG for a forensic audit and notified regulators. The Reserve Bank of India said the case poses no systemic risk. Haryana has de-empaneled IDFC First and AU Small Finance Bank from government business.