On the one hand, there is a boom in the stock market. On the other hand, there was severe selling in the shares of IDFC First Bank. Monday morning brought a shock for investors. IDFC First Bank shares took a big dive as soon as the market opened and slipped to the lower circuit of 20% to Rs 67 on the National Stock Exchange (NSE). This sudden fall caused panic among both small and big investors.
This decline happened after the revelation of an alleged scam of Rs 590 crore in the Chandigarh branch of the bank. In the information given by the bank to the stock exchange, it was said that some employees of the branch have been found involved in suspicious transactions in accounts linked to the Haryana government. When this irregularity came to light, the bank management took immediate action and suspended four officers until the investigation was completed.
How did the problem open?
The matter came to light when the Haryana government requested to close its accounts and transfer the money to another bank. During this process, differences were found between the bank records and the balance reported by government departments. After this, from February 18, 2026, many government organizations contacted the bank, which revealed more discrepancies.
What steps did the bank take?
The bank has said that strict disciplinary, civil and criminal action will be taken against those found guilty. A complaint has been lodged with the police. Also, the process of getting a forensic audit done by an independent external agency has been initiated. The bank has also demanded from some beneficiary banks to put a stop to the amount deposited in suspicious accounts so that the loss can be reduced.
What does it mean for investors?
Earlier on Friday, the bank’s shares had closed at Rs 83.51. In such a situation, a fall of 20% in a single session has had a direct impact on the capital of investors. However, the bank says that this issue is limited only to some selected government accounts of Chandigarh branch and it will not affect other customers. At present, the market’s eyes are fixed on the progress of the investigation and further action of the bank.
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