{"id":305473,"date":"2026-02-23T05:10:08","date_gmt":"2026-02-23T05:10:08","guid":{"rendered":"https:\/\/www.newsbeep.com\/il\/305473\/"},"modified":"2026-02-23T05:10:08","modified_gmt":"2026-02-23T05:10:08","slug":"idfc-first-bank-slips-15-on-suspected-65-million-fraud","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/il\/305473\/","title":{"rendered":"IDFC First Bank slips 15% on suspected $65 million fraud"},"content":{"rendered":"\n<p class=\"yf-vbsvxt\">Feb 23 (Reuters) &#8211; Shares of India&#8217;s IDFC First Bank slipped 15% on Monday, and \u200cwere on course for their worst \u200csession in six years, after the private lender disclosed suspected \u200bfraudulent transactions worth 5.9 billion rupees ($65 million), raising concerns over internal controls and potential earnings impact.<\/p>\n<p class=\"yf-vbsvxt\">Earlier in the day, the stock hit 70.98 rupees, \u200cits lowest since \u2060October 6, 2025.<\/p>\n<p class=\"yf-vbsvxt\">Late on Saturday, the bank said the issue was limited \u2060to government-linked accounts at a branch in Chandigarh in northern India, and that it had \u200bsuspended four \u200bstaff and ordered a \u200bforensic audit.<\/p>\n<p class=\"yf-vbsvxt\">UBS estimated \u200cthe suspected amount at about 22% of IDFC First&#8217;s fiscal 2026 profit after tax, though it said the capital impact would be limited to around 1% of the bank&#8217;s net worth.<\/p>\n<p class=\"yf-vbsvxt\">Morgan \u200cStanley echoed the view, pegging \u200bthe potential hit to fiscal \u200b2026 profit \u200bbefore tax at roughly 20%.<\/p>\n<p class=\"yf-vbsvxt\">Jefferies said \u200cthe lender will have to \u200breassure investors \u200bthat the issue had not spread to other clients and that the matter did \u200bnot appear \u200cto be systemic.<\/p>\n<p class=\"yf-vbsvxt\">($1 = 90.7640 Indian rupees)<\/p>\n<p class=\"yf-vbsvxt\">(Reporting by \u200bSurbhi Misra and Kashish Tandon in Bengaluru; \u200bEditing by Sumana Nandy)<\/p>\n","protected":false},"excerpt":{"rendered":"Feb 23 (Reuters) &#8211; Shares of India&#8217;s IDFC First Bank slipped 15% on Monday, and \u200cwere on course&hellip;\n","protected":false},"author":2,"featured_media":305474,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[114,153727,153729,85,46,132261,153728],"class_list":["post-305473","post","type-post","status-publish","format-standard","has-post-thumbnail","category-business","tag-business","tag-fraudulent-transactions","tag-idfc-first-bank","tag-il","tag-israel","tag-northern-india","tag-private-lender"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/posts\/305473","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/comments?post=305473"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/posts\/305473\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/media\/305474"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/media?parent=305473"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/categories?post=305473"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/tags?post=305473"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}