IndusInd Bank Saga: Deputy CEO Arun Khurana resigns amid firm's plans to rejig top management

IndusInd Bank Saga: IndusInd Bank's Deputy Chief Executive Officer (CEO) Arun Khurana on Monday, April 28, tendered his resignation at a time when the company plans to rearrange top management after the ₹1,959.98 crore accounting impact, according to the exchange filing. 

“Considering the recent unfortunate developments, wherein the Bank determined an adverse accounting impact on P&L, on account of incorrect accounting for internal derivative trades, I having oversight of the Treasury Front office function, as the Whole Time Director, Deputy CEO and a part of Senior Management of the bank, hereby resign, effective immediately,” said Khurana in his resignation letter.

Arun Khurana also said that he will offer his assistance as determined by the bank for transitioning his responsibilities to the next Deputy CEO.

“I would like to offer my assistance, as deemed appropriate, in transitioning my responsibilities to ensure a smooth handover,” said Khurana in his letter, as per the BSE filing. 

The ₹1,959.98 crore accounting impact

On April 27, the institutional lender, IndusInd Bank's board of directors, is taking the necessary steps to realign top management roles and responsibilities after they witnessed a ₹1,959.98 crore accounting impact.

The board appointed an independent professional firm to conduct a comprehensive investigation on March 20, 2025, to identify the cause of the bank's financial discrepancies.

The independent firm submitted its report to the Bank on April 26, 2025, after which the Bank determined that the total financial impact to be at ₹1,959.98 crores as of the financial year ended 2024-25.

“The Report also examined the roles and actions of key employees in this context. The Board is taking necessary steps to fix accountability of the persons responsible for these lapses and re-align roles and responsibilities of senior management,” said IndusInd Bank in an exchange filing. 

IndusInd Bank Stock

IndusInd Bank shares closed 1 per cent higher at ₹830.45 after Monday's stock market session, compared to ₹822.25 at the previous market close. The company announced the news of the Deputy CEO resignation after the stock market hours on April 28.

The private bank's shares hit their 52-week high level at ₹1,550 on June 2024, while the 52-week low level was at ₹605.40 on March 12, 2025, according to data collected from BSE website.

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