Au Small Finance Bank

Stock market outlook: Sumeet Bagadia believes the Nifty 50 chart indicate weak momentum, although the stabilisation from lower levels is encouraging

Domestic benchmark indices opened flat with a positive bias, driven by easing crude oil prices and improving sentiment from Iran-Oman talks. Nifty 50 rose 0.03% to 24,341.95 despite slight declines in the BSE Sensex, showing modest gains in various sectors as markets tracked global trends.

AU Small Finance Bank's Q1FY27 results revealed a 37% YoY rise in net profit to ₹796 crore, driven by a 32% growth in net interest income and reduced provisions. Despite a slight increase in non-performing assets, the bank demonstrated strong operational performance.

The case pertains to the alleged misappropriation of government funds to the tune of ₹504 crore, siphoned off from bank accounts of various government departments of Haryana by bank officials in “criminal connivance with public servants“ posted at the departments concerned.

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AU Small Finance Bank (SFB) informed exchanges that leading private lender Kotak Mahindra Bank has received Reserve Bank of India's nod to acquire up to 9.99% stake in the company.

IDFC First Bank reported a ₹590-crore fraud at a Chandigarh branch involving Haryana government accounts. While the bank claims the impact is manageable and isolated, the stock fell as the state government halted new deposits, raising fears of a broader shift toward PSU banks.

How the IDFC First Bank scam unfolded: While some employees are in the dock for ₹590 crore fraud, here's a timeline of events, the corrective steps taken so far, and what's ahead for related entities.