Leading private lender IndusInd Bank, already facing probe over derivative account inadequacies, plunged nearly 5 percent on March 25 after it said that GST authorities in Maharashtra’s Thane district have imposed a penalty of over Rs 30.15 crore for ‘various’ issues, against which the bank may file an appeal.

In an exchange filing after market-hours of March 24, IndusInd Bank said the penalty imposed by Thane's Joint Commissioner of CGST & Central Excise pertains to ‘various GST issues’, without revealing further details. The bank said it will explore the prospect of filing an appeal against the said order.

IndusInd Bank shares have seen significant volatility in recent weeks, after the bank disclosed discrepancies in its derivatives portfolio, which could have an adverse impact of about 2.35 percent of the net worth, sending shares of the lender down 26 percent in a single day to its worst fall ever.

The stock later made some recovery after the bank's management assured investors of posting profit in Q4FY25 as well as the upcoming financial year despite absorbing losses.

The bank's promoter Ashok Hinduja said that the bank can take care of the discrepancies that have emerged. "Shareholders shouldn't panic. These are normal routine problems. I understand their concern is over why they were not informed earlier. Banking businesses are based on integrity and trust," he said.

Additionally, the RBI issued a statement addressing speculation regarding IndusInd Bank, stating that the bank remains "well-capitalised and the financially position remains satisfactory".

The stock saw some volatility after the bank appointed Grant Thornton to conduct a forensic review into accounting lapses detected this month.

IndusInd Bank shares had plunged nearly 62 percent from its 2024 peak to hit a 52-week low of Rs 606 apiece on March 12. The stock has now made some recovery from that level.