IDFC First Bank’s stock plummeted 16% after a ₹590 crore fraud was discovered at its Chandigarh branch. This incident has significantly dented its valuation multiple, shrinking its price-book ratio to 1.3. The bank faces potential pressure on its CASA deposits as the Haryana government de-empanelled it, raising concerns for other smaller lenders.
Originally published by The Economic Times https://economictimes.indiatimes.com/markets