IndusInd Bank Shares Fall 5% After Rs 30.15 Crore GST Penalty; Lender Plans To Appeal – News18
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IndusInd Bank’s shares will be in focus on Tuesday following the private sector lender’s announcement that it has been hit with a penalty of Rs 30.15 crore
IndusInd Bank Share Price Today
IndusInd Bank Share Price: IndusInd Bank’s shares fell over 5% on Tuesday early morning trade following the private sector lender’s announcement that it has been hit with a penalty of Rs 30.15 crore by the Joint Commissioner of CGST & Central Excise, Thane Commissionerate, for various GST-related issues under Section 122(1)(ii) of the CGST Act, 2017.
In a regulatory filing, IndusInd Bank stated, “A penalty of ₹30,15,18,000 has been imposed on the Bank by the Joint Commissioner of CGST & Central Excise, Thane Commissionerate for various GST issues. The Bank will explore the option of filing an appeal against the order.”
The bank did not provide specific details regarding the nature of the GST issues but confirmed that it is evaluating legal options to challenge the penalty.
In its third-quarter results, IndusInd Bank reported a 39% year-on-year decline in net profit, which dropped to Rs 1,402.3 crore from Rs 2,301 crore in the same quarter last year.
Net interest income (NII), a key profitability metric, fell 1.3% to Rs 5,228.1 crore, down from Rs 5,295.6 crore a year ago. This also came in lower than analysts’ forecast of Rs 5,343 crore.
On the asset quality front, the bank saw a rise in bad loans. Gross non-performing assets (GNPA) increased to Rs 8,375.3 crore from Rs 7,638.5 crore in the previous quarter. The GNPA ratio, as a percentage of total advances, rose to 2.25% from 2.11% in Q2 FY25. Net NPAs also increased, rising to Rs 2,495.8 crore from Rs 2,282 crore sequentially, with the NNPA ratio moving up to 0.68% from 0.64%.
IndusInd Bank’s shares closed at Rs 669.15, down Rs 16.60, or 2.42%, on the BSE.
