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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.

India News

Amit Shah praises Dharmendra Pradhan’s resignation, says Nation above post

Amit Shah hailed Dharmendra Pradhan’s resignation as Union Education Minister, saying BJP places the nation and students above any position while highlighting the government’s commitment to examination reforms.

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Amit Shah

Union Home Minister Amit Shah on Saturday praised Dharmendra Pradhan’s decision to step down as Union Education Minister, saying the move reflected the Bharatiya Janata Party’s commitment to placing the nation and students above any political position.

In a post on X, Shah said that for BJP workers, the country, its youth and students are more important than any office. He described Pradhan’s resignation as an example of the party’s guiding principle of prioritising national interest over personal ambition.

Shah highlights government’s focus on exam reforms

Amit Shah said the Narendra Modi-led government respects the sentiments of students and remains committed to strengthening the examination system following concerns over alleged paper leaks.

He said the Centre has introduced strict measures to ensure severe punishment for those involved in examination paper leaks and expressed confidence that these steps would deliver justice to students who cleared the National Eligibility-cum-Entrance Test (NEET).

Praises Pradhan’s work as Education Minister

Recalling Dharmendra Pradhan’s tenure, Shah highlighted several initiatives undertaken during his time in the Education Ministry. He credited Pradhan with helping implement the National Education Policy (NEP), expanding PM SHRI schools, promoting digital education, strengthening skill development and improving coordination between industry and academic institutions.

Shah also said Pradhan worked towards making examinations more inclusive and student-centric, adding that his tenure reflected his commitment to the vision of a developed India.

Resignation follows NEET controversy

Dharmendra Pradhan’s resignation comes amid nationwide protests over alleged irregularities in the NEET examination and growing demands for accountability.

The resignation has triggered political reactions across party lines. While opposition parties have described the development as a result of sustained student protests, BJP leaders have projected it as an example of accountability and commitment to national interest.

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India News

Assam flood death toll rises to 66, over 6.5 lakh people still affected

Assam’s flood situation improved slightly on Saturday, but more than 6.54 lakh people remain affected in six districts. Four fresh deaths have pushed the state’s flood toll to 66.

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Assam floods

The flood situation in Assam showed marginal improvement on Saturday, though the disaster continued to impact more than 6.54 lakh people across six districts. Four more deaths were reported during the day, taking the total number of fatalities in this year’s floods to 66.

According to the Assam State Disaster Management Authority (ASDMA), three of the latest deaths were reported from Sivasagar district, while one person lost their life in Charaideo.

The number of affected people declined from over 7.05 lakh across nine districts on Friday to 6,54,800 across six districts on Saturday, indicating a gradual improvement in the overall situation.

Sivasagar remains the worst-hit district

Among the affected districts, Sivasagar continues to be the worst hit, with nearly 2.9 lakh people impacted by the floods. Charaideo follows with around 1.9 lakh affected residents, while more than 1.3 lakh people remain affected in Jorhat.

The other districts still facing flood-related challenges are Dibrugarh, Golaghat and Nagaon.

Relief operations continue across affected areas

The ASDMA said the state administration is operating 274 relief camps and aid distribution centres across the affected districts. Around 18,902 displaced people are currently taking shelter at these facilities.

The latest daily bulletin also stated that floodwaters have inundated 810 villages across the state, while 34,970.8 hectares of agricultural land have suffered damage.

Rivers flowing above danger level

The floods have also damaged embankments, roads, bridges and other public infrastructure in several areas.

Authorities said the Dikhou River in Sivasagar and the Dhansiri River at Numaligarh are flowing above the danger level, and officials continue to closely monitor the situation.

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India News

UP Government forms new SIT led by 3 IPS officers to probe Ayodhya Ram Temple donation theft

The Uttar Pradesh government has formed a new SIT led by three IPS officers to investigate the alleged Ram Temple donation theft case in Ayodhya following Supreme Court directions.

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Ram Mandir

The Uttar Pradesh government has reconstituted a Special Investigation Team (SIT) headed by IG Kiran S, with DIG Somen Verma and SSP Dr Gaurav Grover as members, to investigate the alleged theft of donations meant for the Ram Temple in Ayodhya. 

The move comes after directions from the Supreme Court, which sought a reconstituted investigation team to ensure an independent and comprehensive probe into the allegations.

The newly formed SIT is expected to continue the investigation and submit a status report before the Supreme Court on July 27.

Senior IPS officers to lead the probe

According to the state government, the investigation will now be supervised by senior IPS officers.  The revamped SIT has been tasked with examining all aspects of the alleged embezzlement of temple donations and carrying the investigation forward.

The Supreme Court had observed that criminal investigations and technical examination of theft-related cases are more effectively handled by experienced police officers, leading to the reconstitution of the SIT under senior IPS leadership.

Probe to continue under court supervision

The case relates to the alleged embezzlement of offerings (chadhava) donated by devotees at the Shri Ram Janmabhoomi Temple in Ayodhya.

The Supreme Court is monitoring the investigation and will review the SIT’s status report at the next hearing.

Authorities are expected to continue examining evidence collected during the earlier stages of the investigation as the newly constituted SIT proceeds with the case.

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