India's IndusInd Bank shares plunge 27%, major shareholder urges calm

The chairman of IndusInd Bank's founding company sought to reassure investors after shares plunged over 27% on Tuesday.

Ashok Hinduja, chairman of IndusInd International Holdings (IIHL), told CNBC-TV18 that the sharp fall in the bank's share price hadn't triggered a margin call on shares held by IIHL.

"At the moment, there is no margin call," Hinduja said. "The pockets of the shareholders and the pockets of the IIHL is very strong."

The beleaguered Indian lender said on Monday that it had identified some "discrepancies" in its derivatives portfolio. "Bank's detailed internal review has estimated an adverse impact of approximately 2.35% of Bank's Net worth as of December 2024," it said in a release.

Shares closed 27.17% lower on Tuesday following the news.

Read more on CNBC-TV18 here.