Hinduja-Backed IndusInd Bank Shares Drop After CEO Quits (1)

Shares of IndusInd Bank Ltd.’ — backed by billionaire Hinduja brothers — declined the most in a week after Chief Executive Officer Sumant Kathpalia resigned over a 19.6 billion-rupee ($230 million) accounting discrepancy in the Indian bank’s derivatives book, according to an exchange filing.

The private lender’s stock declined as much as 3.2% in Mumbai trading, as doubts swirl over the lender’s business amid a top management exodus in recent days. The stock slumped over 15% this year, underperforming the broader NSE Nifty 50 Index as well as the sector gauge Nifty Bank.

Kathpalia said in his resignation ...