IndusInd Financial institution’s deputy CEO Arun Khurana resigns amid accounting blunder, share rout
Apr 28, 2025 10:01 PM IST
Arun Khurana headed the worldwide markets division of the financial institution, which included the derivatives portfolio.
India’s IndusInd Financial institution on Monday introduced the resignation of deputy CEO Arun Khurana, weeks after the personal lender disclosed accounting lapses in its derivatives portfolio that triggered a rout in its shares.
In mild of the latest accounting points associated to inner by-product trades, “I having oversight of the Treasury Entrance workplace perform, as the entire time director, Deputy CEO and part of senior administration of the financial institution, hereby resign, efficient instantly,” Khurana wrote in a letter to IndusInd Financial institution’s board that was included in a inventory market submitting.
IndusInd, India’s fifth-largest personal lender with a stability sheet of $63 billion, mentioned on Sunday it could take a $229.56 million hit to its accounts for the monetary 12 months ended March 31, 2025 due to the inaccurate remedy of derivatives going again a number of years.
Primarily based on the findings of an exterior company’s probe, IndusInd has estimated an impression of two.27% on its internet price as of December 2024.
Khurana headed the worldwide markets division of the financial institution, which included the derivatives portfolio.
IndusInd shares have fallen almost 8% since March 10, when the lender first disclosed the impression on its internet price from the discrepancies.
Final week, IndusInd named Santosh Kumar as its deputy CFO. Kumar will head the finance and accounts capabilities until IndusInd appoints a full-time CFO.
The Reserve Financial institution of India had urged CEO Sumant Kathpalia and Khurana to step down following the accounting lapses, as quickly as replacements have been discovered and accepted by the central financial institution, Reuters reported final month.
The financial institution is because of report earnings for the complete monetary 12 months earlier than Could 15, however is but to reveal the date for the discharge.
