IndusInd Bank Seeks Expertise of Grant Thornton

In a significant move to address recent accounting discrepancies, IndusInd Bank has enlisted the services of Grant Thornton, a leading global professional services network. This decision comes in the wake of the bank's disclosure on March 10 regarding an overvaluation of its derivatives portfolio by approximately 2.4%. The forensic review aims to uncover any evidence of fraud or internal misstatements, ensuring the bank's financial integrity and restoring investor confidence.

Since the announcement, IndusInd shares have experienced a notable decline, shedding about 23% of their value. The bank's proactive approach in engaging Grant Thornton underscores its commitment to transparency and accountability. This step is crucial for the bank to navigate through the current challenges and to reinforce its standing in the financial market.