Indian Bank declares IL&FS Financial account as fraud

The bank has fully provided for the non-performing account of IL&FS Financial Services with outstanding dues of Rs 408 crore.

The bank has reported the account to the Reserve Bank of India (RBI) as per regulatory requirement.

The scrip shed 0.27% to Rs 92.45, extended losses for second day. The stock has lost 3.60% in two sessions from its recent closing high of Rs 95.90 on 14 December 2020.

In the past one month the stock has zoomed 48.08% while the benchmark S&P BSE Sensex has added 6.65% during the same period.

Indian Bank is a public sector bank. The Government of India held 88.06% stake in Indian Bank as on 30 September 2020.

 

The bank reported 15% rise in net profit to Rs 412.28 crore on a 93% jump in total income to Rs 11,669.12 crore in Q2 FY21 over Q2 FY20.

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