Shares of IndusInd Bank, a private lender, fell by 3% on Wednesday following reports of a new whistleblower complaint. The complaint raised concerns about alleged insider trading, governance issues, and audit deficiencies at the bank.
The stock experienced a decline of 3.01% to reach an intraday low of Rs 884.75 on the BSE by 2:30 pm. Currently, the banking stock is trading at Rs 895.80, down approximately 2%.
Reports indicated that a whistleblower had contacted various authorities, including the Prime Minister’s Office, the Reserve Bank of India, the Serious Fraud Investigation Office, the National Financial Reporting Authority, and other agencies. Allegations in the complaint included insider trading, financial records manipulation, and attempts to conceal irregularities by senior management and board members.
The whistleblower specifically accused Samir Agarwal, a former zonal head at IndusInd Bank, of making gains of about Rs 46 crore through share transactions totaling nearly Rs 815 crore conducted by family members and related entities using confidential information.
Both the BSE and NSE have requested clarification from the bank regarding the reports on the whistleblower complaint. However, the bank’s response is still pending.
These developments follow earlier disclosures by IndusInd Bank regarding accounting discrepancies related to internal derivative trades. This disclosure led to a significant stock correction and the departure of several senior executives, including former CEO Sumant Kathpalia.
In December 2025, the bank revealed that the SFIO had launched an investigation into its operations under Section 212 of the Companies Act, 2013. The agency had asked for specific information related to previously flagged accounting issues, prompting the bank to provide details as part of the probe.
