Moody’s places IndusInd Bank on ratings watch for downgrade amid derivatives accounting issues

Moody’s has placed IndusInd Bank’s baseline credit assessment under review for downgrade due to concerns over internal control discrepancies in derivative accounts and ongoing retail loan stress. The bank discovered a $175 million accounting discrepancy related to currency derivatives. Shares have dropped 28% since the central bank’s decision on CEO Sumant Kathpalia’s term extension.

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