Mint Explainer: How IndusInd Bank slipped up on foreign currency hedging
IndusInd Bank shares recovered on Wednesday after falling to its lowest level in one year as investors were reassured by statements made by its promoter Ashok Hinduja and CEO Sumant Kathpalia. The shares of the private sector lender had crashed by 27% on Tuesday after the bank disclosed discrepancies in accounting for foreign currency derivative trades over a period of five to seven years. The private sector lender expects to take the impact of these discrepancies–about 2.35% of its net worth–in the fourth quarter results, yet report a small profit....