Indian govt, LIC lose over Rs 1,400 crore in IDFC First Bank market crash
IDFC First Bank shares plunged nearly 20% after the lender disclosed a Rs 590 crore fraud at its Chandigarh branch involving accounts linked to Haryana government entities. The sell-off erased about Rs 14,000 crore in market value and triggered Rs 1,452 crore in combined mark-to-market losses for LIC and the Government of India, raising governance concerns.
IDFC First Bank shares plunged nearly 20% after the lender disclosed a Rs 590 crore fraud at its Chandigarh branch involving accounts linked to Haryana government entities. The sell-off erased about Rs 14,000 crore in market value and triggered Rs 1,452 crore in combined mark-to-market losses for LIC and the Government of India, raising governance concerns.
