IDFC First Bank shares slump after ₹590 crore fraud disclosure

Shares of India’s IDFC First Bank declined sharply on February 23 after the lender disclosed a fraud involving accounts linked to the Haryana government, triggering investor concerns and regulatory scrutiny. The private sector lender’s stock fell 20% to hit a lower circuit at ₹66.80. At the time of writing, the shares were trading at ₹69.53. The bank said it had reported the matter to the banking regulator and filed a police complaint. Brokerage estimates suggested the amount under reconciliation equals roughly 0.9% of the bank’s net worth and about 20% of its fiscal 2026 pre-tax profit. UBS estimated the suspected amount at about 22% of fiscal 2026 profit after tax but noted the capital impact may be limited to about…