The stock hit the 20% lower circuit at Rs 66.85 on the Bombay Stock Exchange (BSE). Around 10:25 am, shares of IDFC First Bank Ltd were trading at Rs 69.10 on the National Stock Exchange of India (NSE), down 18.84% or 15.73 points. On the BSE, the stock was quoted at Rs 69.77, reflecting a decline of 16.50% or 13 points. The sharp fall comes after the stock had ended the previous week in positive territory, rising 0.64% to close at Rs 83.51 on the NSE.
In a regulatory filing, the private sector lender revealed that the suspected fraud involved certain employees who allegedly conducted unauthorised transactions from accounts associated with the Haryana government. The bank has suspended four officials believed to be connected to the case and has initiated an internal investigation.
