IDFC First Bank’s market capitalization plummeted by Rs 14,438 crore after a Rs 590 crore fraud at its Chandigarh branch. Employees allegedly conducted unauthorized transactions in Haryana state government accounts, leading to a significant deposit balance discrepancy. The bank insists the incident is isolated and contained, but the Haryana government has de-empanelled the bank, signaling a loss of confidence.
Originally published by The Economic Times https://economictimes.indiatimes.com/markets