Nearly ₹1,400 Crore IDFC First Bank Shares Traded as Stock Plummets

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IDFC First Bank Shares Tank: ₹1,400 Crore Block Deals Amid Fraud Report

IDFC First Bank: Shares of IDFC First Bank will be in focus today, after the lender disclosed a ₹590 crore fraud on Sunday. In an exchange filing, the bank said it received a request from a Haryana government department to close its account and transfer funds to another bank. During the process, discrepancies were identified between the amount mentioned in the request and the actual account balance. The matter pertains to the bank's Chandigarh branch. The lender clarified that the issue does not impact other customers and that the financial effect will depend on further information, validation of claims, recoveries, and the legal process.

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CNBC TV18•23-02-2026, 10:12

IDFC First Bank Shares Tank: ₹1,400 Crore Block Deals Amid Fraud Report

•IDFC First Bank shares worth nearly ₹1,400 crore changed hands in multiple block deals on Monday, February 23.
•The stock experienced its biggest single-day fall in six years after reporting a ₹590 crore fraud in its Chandigarh branch.
•Approximately 20 crore shares, representing 2.7% of outstanding equity, were traded at an average price of ₹67 per share.
•The bank's management assured that the fraud is confined to one branch and customer, and KPMG has been appointed for a forensic audit.
•Mutual Funds hold 10.9% stake, insurance companies 10.8%, and the government 7.75% in IDFC First Bank.

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