INDUSINDBK

** Shares of IndusInd Bank Ltd INBK.NS climb 4.8% this week, set for their best weekly show since mid-April

** Private sector lender rose in all four sessions this week

** Morgan Stanley upgraded INBK to "equal-weight" on Monday, citing inexpensive valuations

** INBK also tracking gains in other bank stocks on RBI's latest lending reforms

** INBK third-biggest gainer this week among 10 stocks on Nifty Private Bank .NIFPVTBNK index, which is up 2.4%

** Analysts, however, rate stock "hold" on average; median PT is 750 rupees - data compiled by LSEG

** On Friday, INBK up 0.4% vs 0.5% rise in private bank index

** Stock trims YTD losses to 22%, but remains biggest loser on the index so far this year

(Reporting by Nandan Mandayam in Bengaluru)

(([email protected]; Mobile: +91 9591011727;))

Adds details, background from paragraph 2 onwards

Sept 22 (Reuters) - India's IndusInd Bank INBK.NS named Viral Damania as its chief financial officer on Monday, marking another key leadership appointment in nearly a month after a $230 million hit in accounts triggered a management shakeup earlier this year.

Damania's appointment, effective September 22, comes after the bank late last month said veteran banker Rajiv Anand had taken charge as its CEO for a three-year period.

Earlier this year, IndusInd had disclosed the $230 million hit to its accounts for the financial year ended March 31, 2025 due to years of misaccounting of internal derivative trades.

That prompted the resignations of Sumant Kathpalia as the bank's CEO, and deputy Arun Khurana. Khurana was also relieved of his CFO duties in April, a month after the bank disclosed the accounting lapse.

With 27 years of banking experience, Damania was most recently the finance chief of Bank of America's India branch. He had also worked with global financial institutions, including Citibank North America and BofA Securities India.

Santosh Kumar, who was named deputy CFO in April, will continue in the role, the bank said.

(Reporting by Kashish Tandon in Bengaluru; Editing by Shilpi Majumdar)

(([email protected]; 8800437922;))

Sept 3 (Reuters) -

• INDUSIND BANK LTD.’S NEW CHIEF IS MOVING QUICKLY TO REDUCE RISKS ON ITS LOAN BOOK- BLOOMBERG NEWS

Source text: https://tinyurl.com/2n8398r2

Further company coverage: INBK.NS

(([email protected];))

Aug 25 (Reuters) - Veteran banker Rajiv Anand has taken charge as IndusInd Bank's INBK.NS chief executive and managing director, the beleaguered bank said in an exchange filing on Monday.

Anand, whose appointment was announced earlier this month, was previously the deputy managing director at private lender Axis Bank AXBK.NS and has held key management positions at leading global financial institutions.

IndusInd Bank took a $230 million hit in the year ended March 31 due to years of misaccounting of internal derivative trades, prompting the resignations of CEO Sumant Kathpalia and deputy Arun Khurana in April.

(Reporting by Nandan Mandayam in Bengaluru; Editing by Janane Venkatraman)

(([email protected]; Mobile: +91 9591011727;))

Aug 22 (Reuters) - India's National Stock Exchange (NSE) said on Friday it will add hospital-chain operator Max Healthcare MAXE.NS and Indigo-parent InterGlobe Aviation INGL.NS to its benchmark Nifty 50 index .NSEI effective September 30.

IndusInd Bank INBK.NS and Hero MotoCorp HROM.NS will be removed from the index as part of the NSE's semi-annual rebalancing, the exchange said.

(Reporting by Hritam Mukherjee and Urvi Dugar in Bengaluru; Editing by Leroy Leo)

(([email protected];))

Aug 21 (Reuters) - Indusind Bank Ltd INBK.NS:

• SIGNS MOU WITH NSIC FOR MSME CREDIT ACCESS

Source text: ID:nBSE2P0QLD

Further company coverage: INBK.NS

(([email protected];;))

Aug 11 (Reuters) - Indusind Bank Ltd INBK.NS:

• INDUSIND BANK LTD - LAUNCHES 'INDUS STARTUP BANKING' PROGRAM

Source text: ID:nBSEbCLy1t

Further company coverage: INBK.NS

(([email protected];))

Aug 5 (Reuters) - India's IndusInd Bank INBK.NS climbed 2.3% on Tuesday, a day after the lender named industry veteran Rajiv Anand as its chief executive for a three-year term.

The stock was the top gainer on the Nifty Bank .NSEBANK and Nifty Private Bank .NIFPVTBNK indexes, which were trading 0.1% lower each.

It also gained the most on the benchmark Nifty 50 .NSEI, which was trading flat.

(Reporting by Kashish Tandon in Bengaluru; Editing by Sonia Cheema)

(([email protected]; 8800437922;))

July 29 (Reuters) - ** India's IndusInd Bank INBK.NS swung to profit in Q1 on lower operational expenses, however, its asset quality worsened and provisions for bad loans rose

** Shares trading 1% higher at 809.50 rupees

CAUTION STILL WARRANTED

** Emkay Global ("reduce," PT: 700 rupees) says even though management believes asset quality will gradually improve as microfinance stress eases, caution is warranted amid rising stress in commercial vehicles portfolio across lenders and given potential risk of further cleanup by new management

** UBS ("sell," PT: 600 rupees) says INBK had another weak quarter, adding that they expect loan growth to remain subdued at 7% for the current fiscal

** JP Morgan ("underweight," PT: 550 rupees) says while INBK's profitability recovered from record loss in Q4, core trends suggest limited scope for sustained improvement in returns

** Investec ("sell," PT: 650 rupees) says INBK has a tough climb ahead on profitability, cuts FY26 and FY27 EPS estimates by 15% and 6%

(Reporting by Kashish Tandon in Bengaluru)

((kashish.tandon@thomsonreuters.com; Mobile: +91 8800437922))

BENGALURU, July 28 (Reuters) - India's IndusInd Bank INBK.NS reported a drop in first quarter profit on Monday, hurt by decline in loans and rise in provisions for potential bad loans.

The country's fifth largest private lender by assets said its profit fell 68% to 6.84 billion rupees ($78.93 million) for the quarter ended June 30.

In the previous quarter, IndusInd had reported its biggest-ever quarterly loss, as it took a $230 million hit to its accounts in the year ended March 31 due to years of misaccounting of internal derivative trades.

($1 = 86.6600 Indian rupees)

(Reporting by Nishit Navin and Ashwin Manikandan; Editing by Mrigank Dhaniwala)

(([email protected];))

July 25 (Reuters) - Indusind Bank Ltd INBK.NS:

• INDUSIND BANK LTD - CHRO ZUBIN MODY RESIGNS FROM INDUSIND BANK

Source text: ID:nBSE77mxJq

Further company coverage: INBK.NS

(([email protected];))

July 18 (Reuters) - IndusInd Bank INBK.NS will consider a proposal to raise funds by issuing long-term bonds at its board meeting on July 23, the Indian lender said on Friday.

The board will consider issuing the bonds on a private placement basis and whether to increase capital through depository receipts and qualified institutional placements.

The bank took a $230 million hit in the fiscal year ended March 31 due to years of misaccounting of internal derivative trades, prompting the resignations of CEO Sumant Kathpalia and deputy Arun Khurana in April.

It has shortlisted senior bankers from three other financial organizations, including HDFC Bank HDBK.NS, for the position of CEO, Reuters reported in June.

(Reporting by Ananta Agarwal in Bengaluru; Editing by Sahal Muhammed)

(([email protected];))

July 4 (Reuters) - Indusind Bank Ltd INBK.NS:

• INDUSIND BANK LTD - NET ADVANCES DECLINED 3.9% YOY TO 3.34 TRILLION RUPEES AS OF JUNE 30

• INDUSIND BANK LTD - DEPOSITS DECREASED 0.3% YOY TO 3.97 TRILLION RUPEES AS OF JUNE 30

Source text: ID:nNSE5NnF0T

Further company coverage: INBK.NS

(([email protected];))

** Macquarie downgrades private lender IndusInd Bank INBK.NS by two notches to "underperform" from "outperform", retains PT of 650 rupees

** Brokerage expects INBK to reduce the size of its microfinance portfolio post discovery of fraud and governance issues

** INBK will also find it difficult to build its asset base and grow its retail liability franchise - Macquarie

** Avg stock rating by 38 analysts is "sell"; median PT is 725 rupees - data compiled by LSEG

** Stock trading flat on the day at 860.10 rupees

** INBK down 4% since March 10 when it first disclosed accounting lapses

** YTD, INBK down 10.4%, Nifty Financials .NIFTYFIN up 14.5%

(Reporting by Kashish Tandon in Bengaluru)

(([email protected]))

** Shares of private lender IndusInd Bank INBK.NS fall as much as 2.74% to 855 rupees

** Goldman Sachs downgrades INBK to "sell" from "neutral", citing likely structurally weak franchise, weaker growth in profit and returns in second half of fiscal 2026 and 2027

** Sees potential loss in market share in its key loan portfolios as well as in deposits, and slowdown in revenue growth

** Cuts earnings-per-share estimates by 25% and 17% for FY2026 and FY2027, respectively, to reflect margin pressure and elevated funding costs

** Sees INBK as value trap for investors, estimating about 18% drop in shares in next 12 months

** Average rating of 38 analysts tracking INBK is "hold"; median price target 725 rupees, according to data compiled by LSEG

** INBK down 8.4% in 2025 so far, underperforming the 8.1% rise in benchmark Nifty 50 index .NSEI, exchange data shows

(Reporting by Bharath Rajeswaran in Bengaluru)

(([email protected]; +91 9769003463;))

By Siddhi Nayak

MUMBAI, June 30 (Reuters) - India's IndusInd Bank INBK.NS has shortlisted three senior bankers - Rajiv Anand, Rahul Shukla, and Anup Saha - for the position of CEO and submitted their names to the central bank for approval, two sources told Reuters.

IndusInd Bank took a $230 million hit in the year ended March 31 due to years of misaccounting of internal derivative trades, prompting the resignations of CEO Sumant Kathpalia and deputy Arun Khurana in April.

The Reserve Bank of India (RBI), which has the final say in top appointments at banks, had asked for names of potential replacements by June 30.

The board has suggested a three-year term for the chief executive, one of the sources said.

The sources declined to be identified as they were not authorised to speak with the media.

IndusInd Bank, RBI and Saha did not reply to a Reuters email seeking comment. Anand and Shukla did not reply to WhatsApp messages.

Anand, a veteran banker, is currently the deputy managing director at private lender Axis Bank, and has held key management positions at leading global financial institutions.

Shukla, who is currently on sabbatical, is group head at India's biggest private lender HDFC Bank, with over 30 years of work experience.

Saha is the managing director of Indian non-bank lender Bajaj Finance and has served for 25 years in the financial services industry.

"Rajiv Anand's name has been given as first priority by the board, given his reputation and the experience he brings to the table," one of the sources said.

Shares of IndusInd Bank were trading 0.6% higher on Monday and are down 10% so far in 2025.

(Reporting by Siddhi Nayak; Editing by Saad Sayeed)

(([email protected]; x.com/siddhiVnayak;))

** Shares of IndusInd Bank INBK.NS rise 2.9% to 860 rupees

** Rahul Shukla, HDFC Bank's HDBK.NS group head of commercial and rural banking; Anup Saha, Bajaj Finance BJFN.NS MD, and Rajiv Anand, deputy MD at Axis Bank AXBK.NS, are in the running for IndusInd Bank's CEO position, CNBC TV-18 reports, citing sources

** Report says INBK board discussed potential CEO names unofficially with RBI, but is yet to submit list

** IndusInd Bank did not immediately respond to a Reuters request for comment

** INBK shares were up ~2% before the news, rose as much as 5.4% after the report

** INBK has dropped ~5% since March 10, when it disclosed incorrect accounting of internal derivative trades

** Lender currently does not have a CEO

** YTD, stock down over 10%; Nifty bank .NSEBANK up ~13%

(Reporting by Anuran Sadhu in Bengaluru)

(([email protected]; +91 8697274436;))

** Shares of IndusInd Bank INBK.NS up 5.3% at 852 rupees after Nomura upgrades private lender to "buy" from "neutral", raises target price to 1,050 rupees from 700 rupees
** Nomura says bank has addressed accounting issues with a 53 bln rupees one-time hit in Q4FY25 and is now positioned for recovery
** Brokerage sees bank's return on asset improving to 1.1% from present 0.5% and return on equity to 9.6% by FY28 from present 4%, aided by stronger retail franchise, lower credit costs, and stable capital base
** Commitment from board to improve governance, ongoing search for a new leadership and clear intent to "start FY26F on a clean slate" are crucial positive signs - Nomura
** Brokerage says current valuations look attractive
** Adds that RBI’s support and upcoming CEO appointment could further boost investor confidence
** INBK down 10.9% YTD vs 10% gain in Nifty bank index .NSEBANK

(Reporting by Sethuraman NR in Bengaluru)

(([email protected]; (+91 9945291420); Reuters Messaging: [email protected] ))

BENGALURU, June 6 (Reuters) - Shares of India's IndusInd Bank INBK.NS rose 3% on Friday after a deputy governor at the country's central bank said "things should soon settle down" at the lender, which has grappled with accounting lapses.

(Reporting by Nishit Navin in Bengaluru; Editing by Nivedita Bhattacharjee)

(([email protected];))

May 20 (Reuters) - Indusind Bank Ltd INBK.NS:

• INDUSIND BANK INKS MOU WITH DPIIT

Further company coverage: INBK.NS

(([email protected];;))

May 19 (Reuters) - Indusind Bank Ltd INBK.NS:

• INDUSIND BANK SIGNS MOU WITH AIC STPINEXT

• TO DELIVER TAILORED BANKING SOLUTIONS TO SUPPORT EARLY-STAGE START-UPS

Source text: [ID:]

Further company coverage: INBK.NS

(([email protected];;))

Adds details from paragraph 3

May 15 (Reuters) - IndusInd Bank said on Thursday that an internal audit of its microfinance business found that a sum of 6.74 billion rupees ($79 million) was incorrectly recorded as interest over three quarters of fiscal 2025.

The amount was fully reversed on January 10, 2025, the bank said in an exchange filing.

IndusInd began the review into the microfinance business last month and had engaged EY for assistance.

The business, which accounts for 9% of the bank's total loans, has been grappling with elevated bad loans over the last few quarters.

Microfinance loans are collateral-free loans to borrowers with annual income of up to 300,000 rupees.

The report, submitted on May 8, also found unsubstantiated balances aggregating to 5.95 billion rupees in "other assets" accounts of the bank, the Hinduja Group-owned lender said.

"These were set off against corresponding balances appearing in 'other liabilities' accounts in January 2025," it added.

The findings add to IndusInd's growing woes and come just weeks after its CEO and deputy CEO resigned following a derivatives accounting lapse that hit the bank's net worth.

IndusInd said it was "taking necessary steps to strengthen internal controls, fix accountability of the persons responsible" for the microfinance unit's lapses.

($1 = 85.4620 Indian rupees)

(Reporting by Nandan Mandayam in Bengaluru; Editing by Anil D'Silva)

(([email protected]; Mobile: +91 9591011727;))

May 9 (Reuters) - IndusInd Bank Ltd INBK.NS:

• REPORT DELIVERED TO BANK ON APRIL 26 IDENTIFIED CERTAIN ASPECTS WHICH MAY REQUIRE DETERMINATION FROM "INSIDER TRADING PERSPECTIVE"

• BANK IS EXAMINING FINDINGS IN REPORT

• BASED ON OUTCOME OF EXAMINATION, BANK WILL TAKE NECESSARY STEPS UNDER APPLICABLE LAW

Source text: ID:nBSE9KV681

Further company coverage: INBK.NS

(([email protected];))

By Aditya Kalra and Siddhi Nayak

NEW DELHI/MUMBAI, May 8 (Reuters) - A forensic review by audit and advisory firm Grant Thornton found two executives of India's IndusInd Bank traded in its shares while they were aware of accounting lapses at the bank but before those were made public, a document reviewed by Reuters showed.

India's fifth-largest private sector bank disclosed in March that years of incorrect accounting of internal derivative trades have led to a $230 million hole in its $60.8 billion balance sheet. Its CEO Sumant Kathpalia and deputy Arun Khurana stepped down last month.

Kathpalia said in his resignation letter he was taking "moral responsibility", while Khurana resigned citing "unfortunate developments". Neither explicitly admitted or denied any wrongdoing.

Grant Thornton, which the bank hired to conduct an independent forensic investigation, found as a result of its review of internal accounts and communications that there were indications Kathpalia and Khurana traded in shares of IndusInd "during a period of seeming non-disclosure," a summary of the findings showed.

"Considering that employees had knowledge of incorrect accounting and/or its impact but traded in shares of IBL during the period may also require a determination from an insider trading perspective," the summary said.

Kathpalia and Khurana did not respond to repeated calls and text messages requesting comment. The document did not name any other executives in the context of share trading, but it mentioned one other executive's handling of the information about the accounting lapses.

India's markets regulator SEBI, IndusInd Bank and Grant Thornton also did not respond to requests for comment.

The summary of Grant Thornton's findings did not disclose further details of the share trading or offer any conclusions about its nature.

A Reuters review of employee trading data provided by India's National Stock Exchange showed that between March 2024 and IndusInd Bank's March 10, 2025 disclosure, then CEO Kathpalia sold the bank's shares worth 283.48 million rupees ($3.3 million) and bought 102.71 million rupees' worth of shares. His then deputy, Khurana, sold 320.72 million Indian rupees worth of IndusInd Bank shares during that period.

The summary document also noted "less than adequate" emphasis on "accounting analysis and rigour", has not been made public.

Two people familiar with the matter said Grant Thornton has shared the report with the bank and the Reserve Bank of India, which oversees the banking industry.

IndusInd Bank said in March that following an internal review it expected a 2.35% hit to its net worth because of internal derivatives trades that did not comply with central bank rules.

Reuters reported later that month that it hired Grant Thornton to investigate the accounting lapses and the bank itself said in an April 27 filing that a report by "independent professional firm" had identified "incorrect accounting" and it was "taking necessary steps to fix accountability."

The summary of Grant Thornton's findings said many finance and treasury executives at the bank were aware of the accounting issues and the Market Risk team flagged its concerns way back in May 2015.

"We also note other emails and communications that indicate suggestions to delete pertinent communications as well as suppressing sharing of information on this aspect," the document said, without naming any individuals in that context.

Problems at the bank were amplified by "relatively manual accounting and computations", missing or inadequate supporting documentation and inadequate standard operating procedures, it said.

IndusInd Bank shares, which tumbled after the March 10 disclosure, are now down 8% following the central bank's assurances that the lender was well capitalised and its financial position remained satisfactory.

The central bank has also approved the establishment of a committee of executives to oversee its operations in the absence of a new CEO.

(Reporting by Aditya Kalra and Siddhi Nayak
Editing by Tomasz Janowski)

((Email: [email protected]; X: @adityakalra;))

The author is a Reuters Breakingviews columnist. The opinions expressed are her own.

By Shritama Bose

MUMBAI, April 30 (Reuters Breakingviews) - Casualties are piling up in India's war for bank deposits. The CEO of $8 billion IndusInd Bank INBK.NS stepped down on Tuesday after accounting and lending woes nixed almost half its market value. The shambles is the most high-profile fallout of the banking industry's intense fight for low-cost funds in the country that has wrong-footed executives, shareholders and watchdogs.

Sumant Kathpalia is trying to distance himself from the mess caused on his watch, which includes rising losses on microfinance loans. He is resigning, he said, to take "moral responsibility" for a derivatives lapse that shaved 2.27% off the bank's net worth when it came to light a month ago. His deputy also stepped down on Monday.

The Reserve Bank of India had insisted on the exits, Reuters reported. But the regulator was initially intending for the lender to find replacements first, which is why it approved a one-year extension to Kathpalia's tenure just last month.

The saga bears the markers of perverse incentives. At the heart of the controversy is IndusInd's long-term foreign currency deposits, which it converted to rupees to fund loan growth without fully accounting for mark-to-market losses. The practice, which stretched back at least six years, effectively inflated profits.

The RBI ushered in new accounting rules for internal derivatives trades in April 2024. Nonetheless, repeated instances of governance crises and RBI action at private lenders from Yes Bank YESB.NS to RBL Bank RATB.NS point to the limits of regulatory effectiveness in an environment of fierce competition.

India's 33 banks are locked in a battle for low-cost deposits. Private lenders, the product of India's 1990s liberalisation, have to compete with state-owned peers which are generally regarded as safer.

There's a newer rival, too: Indians' blooming hopes of making more money by putting their cash into stocks and mutual funds. Bank deposits accounted for 44% of overall household financial assets in March 2024, down from 56% in 2020. The drop, coupled with steady loan growth, has driven banks to increasingly tap short-term debt and attracted health warnings from the RBI.

Management overhauls can hold out hope of a fresh start. But the war for deposits may yet claim more casualties.

Follow @ShritamaBose on X

CONTEXT NEWS

IndusInd Bank on April 29 said its Managing Director & CEO Sumant Kathpalia had stepped down from his role. Kathpalia claimed "moral responsibility" in his resignation letter for an accounting lapse that shaved 2.27% off the bank's net worth.

With the Reserve Bank of India's approval, the lender's board has set up a committee of executives to oversee its operations either for three months from the date of Kathpalia's exit or until a new chief assumes charge, whichever comes first, IndusInd said on April 30.

(Editing by Antony Currie and Ujjaini Dutta)

((For previous columns by the author, Reuters customers can click on BOSE/
[email protected]))

Updates with details throughout

MUMBAI/BENGALURU April 28 (Reuters) - India's IndusInd Bank INBK.NS on Monday announced the resignation of deputy CEO Arun Khurana, weeks after the private lender disclosed accounting lapses in its derivatives portfolio that triggered a rout in its shares .

In light of the recent accounting issues related to internal derivative trades , "I having oversight of the Treasury Front office function, as the whole time director, Deputy CEO and a part of senior management of the bank, hereby resign, effective immediately," Khurana wrote in a letter to IndusInd Bank's board that was included in a stock market filing.

IndusInd, India's fifth-largest private lender with a balance sheet of $63 billion, said on Sunday it would take a $229.56 million hit to its accounts for the financial year ended March 31, 2025 because of the incorrect treatment of derivatives going back several years.

Based on the findings of an external agency's probe, IndusInd has estimated an impact of 2.27% on its net worth as of December 2024.

Khurana headed the global markets division of the bank, which included the derivatives portfolio.

IndusInd shares have fallen nearly 8% since March 10, when the lender first disclosed the impact on its net worth from the discrepancies.

Last week, IndusInd named Santosh Kumar as its deputy CFO. Kumar will head the finance and accounts functions till IndusInd appoints a full-time CFO.

The Reserve Bank of India had urged CEO Sumant Kathpalia and Khurana to step down following the accounting lapses, as soon as replacements were found and approved by the central bank, Reuters reported last month.

The bank is due to report earnings for the full financial year before May 15, but is yet to disclose the date for the release.

(Reporting by Siddhi Nayak in Mumbai and Ananta Agarwal in Bengaluru; Editing by Anil D'Silva)

(([email protected];))

NEW DELHI, April 27 (Reuters) - IndusInd Bank INBK.NS, India's fifth-largest private lender by assets, said on Sunday it would take a $229.56 million hit to its accounts for the financial year ended March 31, 2025 because of the incorrect treatment of derivatives going back several years.

The bank is due to report earnings for the full financial year before May 15, but is yet to disclose the date for the release.

The likely hit is similar to what was disclosed by the bank in April but has been finalised after internal and external reviews of the accounting discrepancy in its currency derivatives book, dating back six years.

On Sunday, the Indian lender said the external probe had concluded and responsibility was being fixed on the people responsible for the lapses.

“The Board is taking necessary steps to fix accountability of the persons responsible for these lapses and re-align roles and responsibilities of senior management,” it added, without giving details.

It added that internal derivative trades had been discontinued by the company since April. The bank's stock closed 0.32% higher on Friday.

(Reporting by Ira Dugal; Writing by Arpan Chaturvedi; Editing by David Holmes)

(([email protected];))

** Shares of IndusInd Bank Ltd INBK.NS rise 3.2% to 819.50 rupees

** About 355,000 shares change hands in four separate block deals, between 819.05 rupees and 835.35 rupees - National Stock Exchange data

** Block deals at a premium to previous closing price of 794.20 rupees

** Private sector bank top gainer on blue-chip Nifty 50 .NSEI index

** Analysts tracking stock rate it "hold" on avg - data compiled by LSEG

** Stock down ~9% since it reported accounting lapse on March 10 that led to a net worth hit

(Reporting by Nandan Mandayam in Bengaluru)

(([email protected]; Mobile: +91 9591011727;))

BENGALURU, April 22 (Reuters) - India's IndusInd Bank INBK.NS said on Tuesday that the lender's internal audit department was conducting a review of its microfinance business to examine certain concerns.

(Reporting by Nishit Navin; Editing by Sonia Cheema)

(([email protected];))

** Shares of IndusInd Bank Ltd INBK.NS jump 5.7% to 840.20 rupees

** Private lender on Thursday appointed Santosh Kumar as its deputy CFO after deputy CEO Arun Khurana's term as finance chief ended

** Reserve Bank of India had urged Khurana to step down following the accounting lapses, Reuters reported

** INBK at its highest since March 10, when bank first reported discrepancies in its accounts relating to derivative deals that led to a net worth hit

** INBK top gainer on Nifty 50 .NSEI which is up 0.9%

** Analysts tracking stock rate it "hold" on avg - data compiled by LSEG

** Stock narrows losses to 7.1% from ~12% , when bank disclosed accounting lapses

(Reporting by Nandan Mandayam in Bengaluru)

(([email protected]; Mobile: +91 9591011727;))