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Ashok Hinduja reassures shareholders amid IndusInd Bank’s market turbulence

IndusInd Bank’s promoter, Ashok Hinduja, has assured investors of the bank’s stability, despite a sharp decline in its stock. He confirmed readiness to inject capital if required while emphasizing the strength of the bank’s financial position.

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IndusInd Bank promoter Ashok Hinduja addressing financial concerns

IndusInd Bank’s promoter, Ashok Hinduja, has assured investors that the bank remains financially strong despite recent turbulence in its stock performance. He confirmed that the promoters are prepared to inject capital if needed, reiterating confidence in the institution’s ability to handle its ongoing challenges.

The reassurance follows a sharp decline in IndusInd Bank’s stock, which plummeted 26% on March 11, wiping out nearly Rs 18,000 crore from its market capitalization. The drop was triggered by concerns over discrepancies in the bank’s derivatives portfolio, which is expected to have a 2.35% impact on its net worth.

“Shareholders need not panic”

Speaking to the media, Hinduja emphasized that the bank remains in a strong financial position.

“Shareholders need not panic. These are routine issues. I understand the concern regarding the delay in communication, but banking is built on trust and integrity,” he stated.

Hinduja also reaffirmed confidence in the bank’s leadership, noting that IndusInd Bank has successfully navigated various challenges over its 30-year history.

“We’ve seen IndusInd Bank through various challenges, and they have been handled effectively. This issue, too, will be resolved,” he added.

Capital adequacy remains strong

Despite the market reaction, Hinduja reiterated that the bank remains well-capitalized. He clarified that while the promoters are willing to inject fresh capital if necessary, the bank’s capital adequacy ratio stands above 15%, and there is currently no immediate concern.

“If there’s a need for capital raise, the promoter is ready to inject funds. We are awaiting approval from the regulator. However, as of now, the bank’s capital adequacy ratio is above 15%, and there are no concerns.”

Market reaction and leadership concerns

The decline in stock value was further exacerbated by brokerages downgrading IndusInd Bank following the Reserve Bank of India’s (RBI) decision to approve a one-year extension for MD & CEO Sumant Kathpalia—shorter than expected.

On March 10, IndusInd Bank disclosed that an internal review had revealed discrepancies in its derivatives portfolio, which could impact its net worth by approximately Rs 1,500 crore. However, the final impact is still subject to an external review.

Hinduja assured that the bank’s board and management are fully equipped to manage the situation, adding that similar challenges have been faced by banks worldwide.

“The board and management are capable of resolving these issues,” he stated.

As IndusInd Bank navigates the current volatility, investors are closely monitoring further developments regarding its derivatives portfolio review and capital injection plans.

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4 dead, several feared trapped after four-storey building collapses in Delhi’s Mustafabad

A four-storey building collapsed in Delhi’s Mustafabad killing four and injuring several. Rescue teams are on site as more remain feared trapped.

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4 dead, several trapped as building collapses in Delhi’s Mustafabad

In a tragic incident in Delhi’s Mustafabad, a four-storey building collapsed in the early hours of Saturday, claiming at least four lives and leaving several people trapped under the debris. The collapse occurred around 3 am, prompting an immediate response from the National Disaster Response Force (NDRF), Delhi Fire Services, and the Delhi Police.

According to senior police officer Sandeep Lamba, fourteen individuals have been rescued from the rubble so far, while an estimated 8 to 10 people are still believed to be trapped. The injured victims have been shifted to GTB Hospital for treatment.

Divisional Fire Officer Rajendra Atwal confirmed that emergency services were alerted about the incident around 2:50 am. “Upon reaching the location, we discovered the entire structure had collapsed with people trapped inside. Our teams, along with NDRF units, are working diligently to rescue them,” he said.

The reason behind the collapse is yet to be determined. Mr. Lamba stated that the authorities will conduct an investigation to establish the cause of the incident.

This building collapse comes shortly after parts of Delhi experienced heavy rainfall, gusty winds, and thunderstorms on Friday night. Weather-related structural failures have been reported recently, including a wall collapse near Madhu Vihar last week, which killed one person and injured two others.

In another weather-related tragedy reported the same day, five members of a family lost their lives in Uttar Pradesh’s Meerut after their house caved in during a storm.

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Rahul Gandhi urges Karnataka CM Siddaramaiah to enact Rohith Vemula Act to end caste-based discrimination

“There was plenty of food with us… but we were to sleep without food; that was because we could get no water, and we could get no water because we were untouchables,” Gandhi quoted Ambedkar.

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In a significant move aimed at addressing caste-based discrimination within the education system, Rahul Gandhi, the Leader of the Opposition in Lok Sabha and senior Congress leader, has written to Karnataka Chief Minister Siddaramaiah advocating for the implementation of the ‘Rohith Vemula Act’. This proposed legislation aims to ensure that no student in Karnataka faces discrimination due to their caste.

In his letter dated April 16, Gandhi reflected on the struggles and indignities faced by Dr. B.R. Ambedkar, a key figure in India’s fight against caste discrimination. He recounted a powerful incident described by Ambedkar from his childhood, highlighting the harsh realities of being labelled an “untouchable” and the systemic barriers that prevented him from accessing basic necessities and an equal education.

“There was plenty of food with us… but we were to sleep without food; that was because we could get no water, and we could get no water because we were untouchables,” Gandhi quoted Ambedkar.

Gandhi emphasised that despite the progress made, millions of students from Dalit, Adivasi, and OBC communities continue to experience unjust discrimination within the educational framework. “It is a shame that even today, our educational system perpetuates such brutal discrimination,” he declared.

The Congress leader further expressed his grievances regarding the tragic losses of young lives due to caste-based discrimination, citing the suicides of students like Rohith Vemula, Payal Tadvi, and Darshan Solanki as evidence of the urgent need for legislative action. “Such horrific incidents cannot be tolerated at any cost. It is time to end this cycle of injustice,” he stated.

Gandhi shared his thoughts on the social media platform X, revealing insights from recent discussions he had with students and teachers from underprivileged backgrounds in Parliament, who recounted their ongoing experiences of discrimination in higher education. He reaffirmed Ambedkar’s belief that education is a vital tool for empowerment and breaking the caste system, a principle he feels remains unfulfilled.

Expressing the need for immediate action, Gandhi urged the Karnataka government to prioritise the enactment of the Rohith Vemula Act, ensuring that no child in India endures the discrimination and hardships experienced by Ambedkar, Vemula, and countless others.

Rohith Vemula, a Dalit student, tragically took his life in 2016 due to the pressures of caste-based discrimination, igniting a national conversation about the urgent need for reform within educational institutions to protect vulnerable student populations. The push for the ‘Rohith Vemula Act’ has gained momentum among Dalit and student groups seeking systemic changes to safeguard against discrimination in education.

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Opposition slams Vice President Jagdeep Dhankhar after he criticises Supreme Court’s order on President

TMC’s Kalyan Banerjee accused Dhankhar of repeatedly disrespecting the judiciary.

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Opposition leaders on Thursday fiercely criticised Vice President Jagdeep Dhankhar for his recent statements on the judiciary, accusing him of undermining its authority and veering close to contempt.

Leaders from the Congress, Trinamool Congress (TMC), Dravida Munnetra Kazhagam (DMK), and notable legal figures condemned Dhankhar’s remarks as disrespectful to constitutional principles.

Congress leader Randeep Singh Surjewala emphasised the supremacy of the Constitution, stating, “In our democracy, no office—whether President, Prime Minister, or Governor—stands above constitutional accountability.”

He praised the Supreme Court’s April 8 ruling, which set a three-month deadline for the President to act on bills reserved by governors, calling it a bold and necessary check on high offices.

TMC’s Kalyan Banerjee accused Dhankhar of repeatedly disrespecting the judiciary. “His comments on Supreme Court judges are unacceptable and nearly contemptuous. As a constitutional figure, he must respect other institutions,” Banerjee asserted.

DMK leader Tiruchi Siva labelled Dhankhar’s remarks as “unacceptable,” stressing that no one, regardless of their position, can delay legislative bills indefinitely. “The rule of law must prevail over institutional overreach,” Siva said.

Senior advocate and Rajya Sabha MP Kapil Sibal defended Article 142, which grants the Supreme Court authority to issue orders for “complete justice.” He questioned, “This power is enshrined in the Constitution to ensure justice. Who is obstructing the President’s authority?”

Dhankhar’s controversial remarks were made during an address to Rajya Sabha interns on April 17, where he called Article 142 a “constant threat to democratic forces” and challenged the judiciary’s right to impose deadlines on the President. He also questioned why judges require judicial approval for FIRs, noting that only the President and Governors enjoy constitutional immunity from prosecution.

The Bharatiya Janata Party (BJP) defended Dhankhar, accusing the opposition of hypocrisy. BJP spokesperson Shehzad Poonawalla retorted, “The opposition, which ignores parliamentary laws, mocks the Vice President, and shields rioters for votes, has no moral ground to lecture on constitutional propriety.”

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